Dogecoin Price Rally Gains Momentum with New High

Dogecoin's price has surged to a new 52-week high of $0.4389, a level last seen in May 2021. The rally has pushed Dogecoin's market cap to over $53 billion, accounting for nearly half of the total meme coin market cap, currently valued at $110 billion.

However, a recent pullback in Bitcoin's price has caused a temporary setback for DOGE. Will this pullback lead to a bearish reversal in Dogecoin's trajectory?

Dogecoin Price Performance

Following a rounded bottom breakout, Dogecoin's rally surpassed the 61.80% Fibonacci level at $0.23. Over the past week, the Doge price jumped by 83.64%, followed by a 32% recovery this week.

Technical Analysis

Dogecoin is currently trading at $0.3670, maintaining its dominance above the 78.60% Fibonacci level at $0.3463. The bullish reversal began at the 23.60% Fibonacci level, just below the $0.10 psychological mark.

Since then, Dogecoin has surged by almost 300% in less than three months. The bullish trend is approaching its all-time high of $0.73905 with strong momentum.

As buying pressure intensifies, the 50 and 200-week Simple Moving Averages (SMAs) have formed a golden crossover, with the 100-week SMA also trending upwards. Additionally, the Moving Average Convergence Divergence (MACD) and Signal lines have surged with a positive crossover, displaying bullish histograms.

Price Targets

If the bull run continues and Dogecoin closes above $0.3463 this week, the rally could extend towards the $0.50 psychological mark.

Conversely, the intraday pullback of 3.24% may lead to a minor retest of the $0.3463 or $0.30 levels, providing a potential entry point for traders seeking a post-retest reversal.

FAQs

• What is the next target for Dogecoin's bull run?
  The immediate target is $0.50, with the potential to challenge the all-time high of $0.73905 if the momentum sustains.
• What key levels should traders watch?
  Key support levels include $0.3463 and $0.30, while resistance lies at $0.50 and the all-time high at $0.73905.
• What signals indicate continued bullish momentum for Dogecoin?
  The golden crossover of the 50 and 200-week SMAs, strong MACD histograms, and dominance above the 78.60% Fibonacci level at $0.3463 suggest sustained bullish momentum.