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?
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.
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.
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.
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.
