thecryptobasic.com
As the price of Dogecoin (DOGE) hits a new 52-week high of $0.3032, the market’s anticipation for a rise to $1 grows.
With the meme coin’s market cap surpassing the $90 billion mark, Dogecoin is shining bright in the crypto market. With a market cap of $41.56 billion, Dogecoin has surpassed USDC to become the sixth biggest crypto in the world.
Dogecoin is currently trading at $0.2832, up 24.76% in the last 24 hours. Over the past week, it has surged nearly 90%, and in the past 30 days, it has gained an impressive 155%. With such remarkable gains, the question remains: Will this bullish trend propel Dogecoin to a new all-time high?
Dogecoin Hits 52-week High
On the daily chart, Dogecoin’s price action shows a breakout from a falling channel, with the rally gaining momentum. The breakout has formed a higher low pattern, surpassing the previous 52-week high of $0.2850. Dogecoin is currently trading at $0.28443.
With an intraday gain of 1.94%, the price is holding above the 1.272 Fibonacci level at $0.2783. The growing bullish sentiment suggests that the next immediate target on the daily chart is $0.3756, at the 1.618 Fibonacci level.
The MACD and signal lines, along with the key exponential moving averages, maintain a positive alignment, further reinforcing the bullish outlook.
Dogecoin Price Targets
On the weekly chart, the bull run has exceeded the 23.60% trend-based Fibonacci level, signaling a shift in market sentiment with a breakout from a rounding bottom pattern. This also overcame the crucial resistance at $0.2314, pointing to a high likelihood of continued bullish momentum.
As the trend reversal gains steam, it marks the end of a prolonged pullback phase. Additionally, the weekly MACD indicator shows a positive crossover, adding to the optimism.
Based on Fibonacci projections, the uptrend is likely to reach the 38.20% level at $0.5408, with the next major target being the psychological $1 mark. A move to $1 represents a potential upside of 285%, positioning Dogecoin for a possible parabolic rise.