Dogecoin Price Analysis – Updated on 1 May
|Long Term View||Short Term View|
|Current Price (At )||$0.36|
After making a low of $0.16 on 22-23 April, Dogecoin started its up move again. The buying accelerated after the tweet of Elon Musk about the Saturday Night Live on 8th May.
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Dogecoin Price Action Events
|Date||Important Price Action Events|
|Prices started to move up after taking strong support near$ 0.20 zone|
|22-23 April 2021||Dogecoin made a low near $0.16 but it was not able to trade below $0.20 even for 30 minutes.|
|Short term correction started across the cryptos after the rumors of an increase in Capital Gain Tax in the United States|
|April 19, 2021||All-time high zone tested again but not able to cross it. Made double top kind of formation|
|April 16, 2021||Dogecoin made an all-time high of $0.42-0.44|
|April 13, 2021||The rally resumed with a big breakout of 2 months of consolidation|
|February, March||After making a high of $0.009, prices consolidated for more than 2 months|
|February 8, 2021||Dogecoin made high of $0.008-$009|
|January 1, 2021||Biggest Rally of Dogecoin Started From $0.005|
Dogecoin Price Forcast – Will It Hit $1
Dogecoin is currently trading near $0.36 and moving towards the all-time high zone of $0.42-0.44. After Elon’s tweet, there is a high probability of Dogecoin making new highs before 8th May.
If Dogecoin sustains above 0.45 for 15 minutes, the first target comes near the $0.65 zone and thereafter $1 is the obvious target.
We have to observe the $0.40-0.43, if prices trades above this zone, buying will accelerate and the crypto community will try to push it towards $1.
If the prices are not able to trade above $0.40-0.43 zone and get rejected multiple times, then it may go for a long-term correction.