Why is Dogecoin Price surging today?

The post Why is Dogecoin Price surging today? appeared first on Coinpedia Fintech News

With the BTC price surpassing the $81,000 mark and creating an all-time high at $81,888, the altcoin season seems to have begun in the crypto market. The total crypto market cap has reached $2.78 trillion, with the meme coin segment inching closer to the $100 billion mark. 

Currently, the market cap of meme coins is worth $92.48 billion, with Dogecoin accounting for a $42.98 billion market cap. As Dogecoin’s price surged nearly 100% last week, let’s examine Coinpedia’s latest DOGE price analysis for future price targets.

Dogecoin Price Performance

With a massive trend reversal in the daily chart, the Dogecoin price shows a parabolic bull run, breaking out of a falling wedge pattern. The uptrend in Dogecoin is now trading at its 52-week high level near $0.29078, which is formed at the 24-hour high of $0.30294. 

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Based on the Fibonacci levels, the recovery rally is now challenging the 1.608 Fibonacci levels, with the next price target at $0.42334. The Dogecoin price recovery rally has resulted in a golden crossover between the 50-day and 200-day EMA and a positive crossover between the 100-day and 200-day EMA. Hence, the exponential moving average lines are now in a positive alignment, giving a buy signal for Dogecoin. 

The RSI line has entered the oversold zone and is now at 87.55. In the past year, it peaked at 94.59 RSI value on March 4, resulting in a quick pullback of nearly 15%. Hence, with some room for growth, Dogecoin prices could witness a minor retracement beyond the $0.30 breakout rally. This could come as a potential retest of this critical psychological mark. 

Beyond $0.30, the 2.272 Fibonacci level at $0.37958 could be a potential resistance. 

DOGE Price Targets

In the weekly chart, the recovery rally shows a rounding bottom reversal and is about to challenge the 50% Fibonacci level at $0.31294. The 50% and 61.80% Fibonacci levels supply zone is a crucial crossroads for the Dogecoin price trend. 

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A breakout beyond this range will likely result in a new all-time high, surpassing $0.73905. Hence, price action traders could witness a massive parabolic surge in the Dogecoin price beyond $0.37 of more than 100%. 

Hence, with the new bull run in the crypto market, Dogecoin could reach its $1.00 dream in 2025.

Will the Dogecoin rally hit $1 in 2024? Read Coinpedia’s DOGE price prediction for 2024-2030 to find out. 

FAQs:

1. Why is Dogecoin Price surging today?

The surge is fueled by Bitcoin’s new all-time high, altcoin season momentum, and bullish technical indicators like the golden crossover.

2. Can Dogecoin reach $1.00 in 2024?

While highly ambitious, surpassing key resistance levels and maintaining market sentiment could push DOGE toward this milestone in 2025.

3. What are the next resistance levels for Dogecoin?

Key resistance levels include $0.30, $0.37958 (2.272 Fibonacci), and $0.73905 (all-time high).