thecryptobasic.com
Dogecoin has surged by 15% as the meme coin market reaches a $62 billion market cap. A wedge breakout and a golden crossover indicate a potential buying opportunity, with $0.22 as a target.
With the crypto meme coin segment hitting a market cap of $62.19 billion, the 24-hour trading volume skyrocketed to $9.79 billion. Amid the massive surge in the meme market, Dogecoin, which leads the segment, is witnessing a substantial price jump today.
Currently, it is trading at $0.1646 and has achieved a market cap of $24.13 billion. As the eighth biggest crypto asset in the industry, Dogecoin spearheads the meme coin rally and teases a bull run similar to the 2021 era.
Dogecoin Rally Nears $0.17394 Resistance
On the daily chart, Dogecoin displays a falling wedge breakout rally, gaining momentum. The price action reveals a bullish flat breakout rally that boosts trend momentum.
This breakout rally has produced four consecutive bullish candles, resulting in a price jump of 28.72% from a 7-day low of $0.1275 to the current price of $0.1646.
As bullish influence increases on the daily chart, the 100-day and 200-day EMAs have produced a positive crossover. Following this golden crossover, the crucial 50-day, 100-day, and 200-day EMAs are poised to align positively.
Furthermore, the stochastic RSI shows an early positive crossover between the K and V lines. Thus, technical indicators and the breakout rally signal a buying opportunity for Dogecoin.
Based on price action analysis, the meme coin is set to challenge the nearest resistance level at $0.17394. If Dogecoin surpasses this resistance, it will likely aim for the 52-week highest closing price of $0.2208, increasing the chances of a new 52-week high above $0.22899.
Dogecoin’s Creator Looks Back to 2021
As excitement around Dogecoin returns to its 2021 bull run levels, Billy Markus, aka Shibetoshi Nakamoto, the creator of Dogecoin, has expressed his enthusiasm about the new bull run. In a recent post on X, Shibetoshi shared a snapshot of Dogecoin’s price, highlighting a 13.82% jump in a single day.
yo what is going on with dogecoin are we back in 2021 pic.twitter.com/uLe6uPXojV
— Shibetoshi Nakamoto (@BillyM2k) October 28, 2024
Short-Term Resistances for Dogecoin
A closer inspection of the 4-hour chart shows that the massive surge in bullish momentum in Dogecoin will likely be sustained. Following the bullish flag breakout, the streak of consecutive bullish candles has surpassed the 78.60% trend-based Fibonacci level at $0.16427.
Now, DOGE is forming a Doji candle, increasing speculations about a morning star formation. Using the retracement tool, the short-term targets for the meme coin are $0.1742 and $0.2031. Conversely, Dogecoin has support at $0.15 and $0.14, aligning with the Fibonacci levels of 50% and 38%.