Will Dogecoin (DOGE) lead the meme coin rally as buyers prepare to push past the $0.50 psychological mark?
With Bitcoin holding above the $102,000 mark, meme coins are gaining momentum. The meme coin market cap is nearing a $110 billion valuation, and Dogecoin is preparing to launch past the $0.40 psychological resistance.
Currently, Dogecoin holds a market cap of $58 billion, commanding over 50% of its segment, with a 7.60% surge in the past 24 hours. The 7-day return for Dogecoin stands at 24%, signaling a potential bull run ahead.
Dogecoin Price Analysis
On the 4-hour chart, Dogecoin’s price action has crossed the 61.80% Fibonacci level at $0.39139, as predicted in our previous article.
Currently, DOGE has formed its third consecutive bullish candle accounting for a near 10% hike. This hints at a potential breakout above the 78.60% Fibonacci level.
Amid the rising momentum, the 50 and 200-day EMA lines have completed a golden crossover. Additionally, the 100-day EMA is on the verge of crossing above the 200-day EMA, which would signal a buy opportunity.
Meanwhile, the 4-hour RSI has entered the overbought boundary, further reinforcing the bullish outlook for Dogecoin.
Confident Whales Load Up Dogecoin Ahead of The Rally
Whales are increasing their holdings as the bullish trend in Dogecoin gains momentum. According to a recent post by crypto analyst Ali Martinez on X, Dogecoin whales have been accumulating significant amounts of DOGE.
Specifically, data from Santiment shows that whales have purchased 200 million DOGE tokens in the last three days.
Whales have bought 200 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vYSI3C2cUs
— Ali (@ali_charts) January 16, 2025
DOGE Price Target
With a bullish breakout of the 61.80% Fibonacci level, Dogecoin is likely to sustain above the $0.40 psychological resistance and could reach the $0.4865 swing high. Based on Fibonacci levels, a surge to $0.52 and a new 52-week high is possible.
Meanwhile, crucial support levels for Dogecoin are at $0.3675 and $0.3463.
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.