With Elon Musk taking a keen interest in the U.S. presidential elections and supporting Donald Trump, the Dogefather is back in the game. As the recent town hall by Elon Musk gains more views than Kamala Harris’ live rally, the sentiments are pretty clear. As the Dogefather makes news, the Dogecoin price and sentiments are skyrocketing, and social media activity related to Dogecoin is breaking the roof.
As the biggest meme coin is back in action, should you be considering buying DOGE before the next bull run? Let’s find out.
Dogecoin Price Performance
In the daily chart, the Dogecoin (DOGE) price action shows a steak of 8 bullish candles, accounting for a jump of 24.57%. The bull run begins with a double-bottom reversal and a post-retest of a falling wedge breakout.
From the recent low registered on 5th August of $0.08049, the Dogecoin price has increased by 62.64% within 3 months. Furthermore, it has surpassed the previous peak at $0.1282, completing a rounding-bottom reversal.
Technical Indicators:
MACD: The increasing trend momentum results in a positive crossover in the MACD signal line with a surge of positive histograms.
EMA: The growing bullish influence has resulted in an uptick in the 50-day EMA. This results in a heightened possibility of a golden crossover.
Hence, the technical indicators support the possibility of a bullish trend in the Dogecoin (DOGE) price.
Dogecoin Social Activity
In a recent tweet by LunarCrush Social Intelligence, Doge is breaking across major social media platforms. With social activities spiking to a 12-month high, the meme coin has reached a 3-month peak.
The meme coin’s social dominance has increased by 1.55%, with the creators jumping by 2.59% over the last 24 hours. However, the Dogecoin market sentiment has faced a 10% decline and currently stands at 84%, which is significantly bullish.
Dogecoin Price Targets
Based on the Fibonacci levels, the uptrend has surpassed the 23.60% and 38.20% Fibonacci levels. However, the meme coin faces rejection at nearly $0.14, resulting in a long-wicked intraday candle.
This questions the possibility of bullish dominance above the 38.20% Fibonacci level. However, the uptrend is projecting the next target at 50% level at $0.14404.
If the uptrend continues with the broader market recovery, the Dogecoin (DOGE) price will likely surpass the 50% level to reach 67.80% or 78.60% at $0.1591 or $0.1835. Conversely, the crucial support stands at $0.1151 and $0.10 psychological mark.
Will the Dogecoin rally achieve the dream target of $1? Read Coinpedia’s DOGE price prediction for 2024-2030 to find out.
