The cryptocurrency market has had a turbulent week, with meme coins at the forefront of the price swings. Dogecoin (DOGE), the leading meme coin by market cap, has remained remarkably resilient amid the volatility, recording a 15.66% gain over the last 30 days. This positive trend has sparked investor curiosity: Is this the best time to buy DOGE before the next bull run? Let’s dive into Dogecoin’s price performance, technical indicators, and volume trends to get a clearer picture.
Dogecoin Price Performance – Key Levels And Trends
On the daily chart, Dogecoin’s recent bullish trend hit resistance near the $0.15 psychological mark. This rally began with a breakout from a falling wedge pattern, creating a bullish “golden crossover” between the 50-day and 200-day exponential moving averages (EMAs). This technical setup generally signals an extended uptrend, suggesting that the meme coin’s price could continue to rise.
Analyzing Fibonacci retracement levels provides additional insight. Dogecoin’s uptrend faces resistance at the 38.20% Fibonacci level, which stands at $0.1432. After briefly reversing before reaching the 23.60% level ($0.1239), DOGE now shows signs of consolidation. As of today, DOGE is experiencing an intraday pullback of 0.83%, trading near $0.1429, after a notable 4.95% surge on Sunday.
For traders seeking confirmation of an extended bullish trend, breaking above the $0.15 mark would signal a potential continuation of the rally.
Technical Indicators: Supportive Signals for DOGE’s Bullish Outlook
- Relative Strength Index (RSI): DOGE’s daily RSI is exhibiting a slight bearish divergence, hinting at potential short-term selling pressure. However, with RSI still within a neutral range, this could shift quickly if demand increases.
- EMA Crossover: The 50-day EMA crossing above the 200-day EMA is a key indicator of potential sustained upward momentum. This “golden crossover” is one of the most reliable signals for a bullish trend continuation, reinforcing optimism among DOGE investors.
These indicators together suggest that while Dogecoin faces some resistance, the overall trend remains supportive of further gains.
In/Out of the Money Indicator: 80% Volume Holds Profit Potential
The “Global In/Out of the Money” metric by IntoTheBlock offers valuable insights into Dogecoin’s price structure. Presently, about 80% of Dogecoin’s trading volume is “in the money,” meaning these positions were acquired at a lower price than the current market rate.
Notably, a large portion of addresses acquired DOGE between $0.10 and $0.1190, creating a strong support base. The current resistance, as measured by the next “out of the money” range, lies between $0.1460 and $0.1717, setting a clear upside target. With such a substantial share of holders in profit, the likelihood of an extended uptrend remains high, provided market conditions remain favorable.
Dogecoin Price Targets: Short and Medium-Term Outlook
Using Fibonacci retracement analysis on Dogecoin’s price movement from its 2024 peak ($0.2199) to its recent low ($0.0943), several key levels emerge:
- Short-Term Target: Should DOGE continue its ascent, the next immediate target lies at the 50% Fibonacci level at $0.1571. Breaking above this level could fuel additional bullish momentum.
- Medium-Term Target: In a more optimistic scenario, DOGE could challenge the 78.60% Fibonacci level at $0.1930, a level that may attract more buying interest and propel further growth.
Also Read: Dogecoin (DOGE) Set For 200% Rally? Analyzing Recent Golden Cross Signals And Past 22,980% Surge!
The Bottom Line: Should You Buy DOGE Now?
With strong technical signals, an optimistic in/out of the money ratio, and clear price targets, Dogecoin appears well-positioned for further gains. The recent “golden crossover” and robust buying support underscore DOGE’s potential to break above current resistance levels. However, investors should remain cautious of the inherent volatility in meme coins and monitor key resistance levels.
For those interested in meme coins, Dogecoin currently presents a compelling case, making this a strategic time to consider an entry—especially for those looking to ride the wave into the next bull market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
