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HomeCrypto NewsAnalysisWith New 52-Week High, Dogecoin Eyes 300% Parabolic Rise to $1

With New 52-Week High, Dogecoin Eyes 300% Parabolic Rise to $1

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As the price of Dogecoin (DOGE) hits a new 52-week high of $0.3032, the market’s anticipation for a rise to $1 grows.

With the meme coin’s market cap surpassing the $90 billion mark, Dogecoin is shining bright in the crypto market. With a market cap of $41.56 billion, Dogecoin has surpassed USDC to become the sixth biggest crypto in the world. 

Dogecoin is currently trading at $0.2832, up 24.76% in the last 24 hours. Over the past week, it has surged nearly 90%, and in the past 30 days, it has gained an impressive 155%. With such remarkable gains, the question remains: Will this bullish trend propel Dogecoin to a new all-time high?

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Dogecoin Hits 52-week High

On the daily chart, Dogecoin’s price action shows a breakout from a falling channel, with the rally gaining momentum. The breakout has formed a higher low pattern, surpassing the previous 52-week high of $0.2850. Dogecoin is currently trading at $0.28443.

Dogecoin price chart
Dogecoin price chart

With an intraday gain of 1.94%, the price is holding above the 1.272 Fibonacci level at $0.2783. The growing bullish sentiment suggests that the next immediate target on the daily chart is $0.3756, at the 1.618 Fibonacci level.

The MACD and signal lines, along with the key exponential moving averages, maintain a positive alignment, further reinforcing the bullish outlook.

Dogecoin Price Targets

On the weekly chart, the bull run has exceeded the 23.60% trend-based Fibonacci level, signaling a shift in market sentiment with a breakout from a rounding bottom pattern. This also overcame the crucial resistance at $0.2314, pointing to a high likelihood of continued bullish momentum.

Dogecoin price chart
Dogecoin price chart

As the trend reversal gains steam, it marks the end of a prolonged pullback phase. Additionally, the weekly MACD indicator shows a positive crossover, adding to the optimism.

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Based on Fibonacci projections, the uptrend is likely to reach the 38.20% level at $0.5408, with the next major target being the psychological $1 mark. A move to $1 represents a potential upside of 285%, positioning Dogecoin for a possible parabolic rise.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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