With the crypto meme coin segment skyrocketing to a staggering market cap of $62.19 billion and a 24-hour trading volume of $9.79 billion, Dogecoin is leading the charge with a notable price jump. Currently trading at $0.1646, Dogecoin boasts a market cap of $24.13 billion, securing its position as the eighth-largest cryptocurrency. As sentiment mirrors the explosive growth seen during the 2021 bull run, many investors are eager to see how high Dogecoin can climb.
Bullish Breakout Signals New Opportunities
Recent technical analysis reveals that Dogecoin is experiencing a falling wedge breakout, characterized by four consecutive bullish candles. This surge represents a remarkable 28.72% increase from a weekly low of $0.1275. The daily chart indicates a positive crossover of the 100-day and 200-day EMAs, suggesting that momentum is building for a sustained rally. Additionally, the stochastic RSI shows early signs of bullish crossover, reinforcing the notion that now might be a prime time to buy.
Analysts believe Dogecoin could soon challenge its nearest resistance level at $0.17394. If it breaks through, a retest of its 52-week high at $0.2208 could be on the horizon, potentially setting the stage for a new 52-week high above $0.22899.
A Nod to 2021’s Glory Days
Billy Markus, the co-creator of Dogecoin, has shared his enthusiasm for the current momentum, reminiscing about the heights of the 2021 bull run. In a recent post, he highlighted Dogecoin’s impressive 13.82% jump in just one day, sparking excitement among the community and reigniting hopes for a sustained rally.
Also Read: Elon Musk’s $2 Trillion Budget Cut Plan Sparks 7% Dogecoin Surge – Crypto Industry Reacts
Short-Term Outlook and Support Levels
On the 4-hour chart, the bullish momentum appears poised to continue. After surpassing the 78.60% Fibonacci level at $0.16427, Dogecoin is currently forming a Doji candle, hinting at a potential morning star formation. Short-term targets are set at $0.1742 and $0.2031, while crucial support lies at $0.15 and $0.14, aligning with Fibonacci retracement levels.
As the meme coin market flourishes and Dogecoin leads the charge, all eyes will be on whether it can break through key resistance levels and replicate the explosive gains seen in previous bull markets.
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
