Dogecoin price gains momentum as a new 52-week high is formed at $0.4389, last seen in May 2021. With a market cap of over $53 billion, Dogecoin accounts for nearly half of the meme coin’s market cap of $110 billion.
However, Bitcoin’s pullback caused Dogecoin’s price to retreat slightly. Will this pullback lead to a bearish reversal for the largest meme coin? Learn more about the latest Dogecoin price analysis on Coinpedia.
Dogecoin price performance
With the bottom breakout, the reversal rally exceeded the 61.80% Fibonacci level at $0.23. Last week, Dogecoin price rose by 83.64% and this week it has recovered by 32%.
Currently, Dogecoin is priced at $0.3670, maintaining its dominance above the 78.60% Fib level at $0.3463. The bullish reversal in the meme coin started at the 23.60% Fib level, just below the psychological mark of $0.10.
Since then, Dogecoin price has increased by nearly 300% in less than three months. The bullish trend is approaching the all-time high of $0.73905 with strong momentum.
As buying pressure increases, the 50-week and 200-week SMA lines are forming a golden cross with the 100-week SMA. Moreover, the MACD and signal lines are also spiking upwards, forming a positive crossover with the bullish histogram.
DOGE Price Targets
If the bulls sustain a close above $0.3463 this week, Dogecoin’s price rally could extend towards the psychological $0.50 mark.
On the other hand, an intraday pullback of 3.24% could result in a minor retest of the $0.3463 or $0.30 levels. This would provide a retest opportunity for price action traders who are hoping for a reversal after the retest.
