🔥 Dogecoin Hits 15% Gains, Eyes New 52-Week High Above $0.22
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.
