Will Dogecoin reach the $0.50 psychological milestone for a new 52-week high as the broader market recovers?
As the crypto market cap reclaims $3.65 trillion, the meme coin sector is back on its feet. The market cap of meme tokens has surged to $125 billion, driven by the massive gains of Dogecoin, FLOKI, and PEPE.
Over the past 24 hours, Dogecoin has increased by 5.33%, followed by FLOKI’s 9.07% rise, with both tokens ranking among the top performers. Amid the bullish recovery, Dogecoin’s market cap has reached $61.17 billion, with a 24-hour price increase of $0.4157.
Dogecoin Price Analysis
In the 4-hour chart, Dogecoin’s price action shows a sideways trend within two crucial boundary levels. The support level is at $0.3488, with overhead resistance at $0.4681. This range has remained consistent for the past few sessions, reflecting a consolidation phase in the market.
Multiple doji candles on the 4-hour chart indicate indecisiveness, signaling a potential bearish turnaround. However, the ongoing bullish momentum is attempting to shift this sentiment.
Currently, Dogecoin’s price action shows a bullish reversal from $0.3656, which has reignited optimism among traders. The recovery rally, contributing to a 14% surge, has helped Dogecoin reclaim the psychological mark of $0.40.
This milestone has restored confidence in the market. The S1 pivot level aligns with this level, reinforcing its significance as key support.
Amid the recovery rally, the MACD and signal lines have given a positive crossover, accompanied by new bullish histograms. This momentum suggests a potential shift in market dynamics.
Thus, the technical indicators support Dogecoin’s bullish outlook, with a possible challenge to the overhead trendline, which could serve as the next major resistance.
Dogecoin Price Targets
Despite short-term indecisiveness, the underlying surge in demand as the broader market recovers suggests a bullish comeback for Dogecoin. Based on the pivot levels, the uptrend will likely challenge the center pivot level at $0.4465.
In the event of an extended rally, the meme coin could reclaim the $0.50 psychological mark, creating a new 52-week high. On the other hand, a bearish reversal could lead to a retest of the S2 pivot support level at $0.35.
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.
