With the crypto market witnessing a roller coaster ride last week, the meme coins, volatile as ever, mark quick turns. The biggest meme coin, per market cap, Dogecoin (DOGE) price volatility increases but remains positive with the 30D gains at 15.66%.
As the DOGE remains one of the few positive top meme coins, is this the best time to buy DOGE before the next bull run? Let’s find out.
Dogecoin Price Performance
In the daily chart, the bullish trend in the DOGE price takes a halt before the $0.15 psychological mark. The bullish trend in Dogecoin ignites from the falling wedge breakout rally and results in a golden crossover in the 50D and 200D EMA.
Based on the Fibonacci retracement levels, the uptrend in Dogecoin (DOGE) price struggles to surpass the 38.20% level at $0.14232. With a quick v-shaped reversal before touching the 23.60% level at $0.12397, the sideways trend prolongs for Dogecoin.
Currently, the intraday pullback of 0.83% tests the 38.20% level as the DOGE price trades at $0.14291 after the 4.95% jump on Sunday.
As the bullish trend teases an extension, the price action traders must wait for a new higher high above the $0.15 mark.
Technical Indicators:
RSI: The sideways struggle shows a bearish divergence in the daily RSI line, warning of an underlying weakness.
EMA: The uptrend in the 50D EMA results in the golden crossover with the 200D EMA. This marks an increased possibility of an extended bull run.
Hence, the technical indicators bolster the uptrend chances in Dogecoin (DOGE) price.
80% Dogecoin Volume In The Money Teases Uptrend Extension
Based on the Global in/out of the money indicator from into the block, 80% of Dogecoin (DOGE) volume is “in the money” or buying price less than the current price. The current band or “at the money” extends from $0.1359 to $0.1460.
The resistance for DOGE price using the next “out of the money” range extends from $0.1460 to $0.1717. Using the indicator, the massive chunk of 460k addresses with a buying price from $0.10 to $0.1190 in the money, the uptrend is likely to continue.
Dogecoin Price Targets
Based on the Fibonacci retracement level from near the 2024 peak at $0.2199 to the $0.09431 level, the uptrend challenges the 38.20% level at $0.1432. A bullish extension is likely to challenge the 50% level at $0.15715 in the short term. Meanwhile, the medium-term target extends to the 78.60% level at $0.19309.
On the flip side, the crucial support for the meme coin remains at $0.1239.
Will the Dogecoin rally hit $1 in 2024? Read Coinpedia’s DOGE price prediction for 2024-2030 to find out.
