With a new 52-week high of $0.4389, last seen in May 2021, the Dogecoin bull run is accelerating. Dogecoin's market cap exceeds $53 billion, accounting for nearly half of the meme coin's market cap of $110 billion.
However, Bitcoin's pullback has led to a small pullback in DOGE's price. Will this pullback lead to a bearish reversal for the biggest meme coin? Read more in Coinpedia's latest Dogecoin price analysis.
Dogecoin Price Performance
With the round bottom breakout, the reversal rally surpassed the 61.80% Fibonacci level at $0.23. Last week, Doge price increased by 83.64%, followed by a 32% recovery this week.
Currently, Dogecoin price is trading at $0.3670, maintaining dominance above the 78.60% Fibonacci level of $0.3463. The meme coin's bullish reversal started at the 23.60% Fibonacci level, slightly below the psychological threshold of $0.10.
Since then, the price of Doge has increased by nearly 300% in less than three months. The bull run is approaching the all-time high of $0.73905 at high momentum.
As buying pressure increased, the 50 and 200-week SMA created a golden cross with the 100-week SMA rising. Furthermore, the MACD and Signal lines spiked with a positive crossover with the histogram soaring high.
DOGE Price Target
If the bulls sustain a close above $0.3463 this week, Dogecoin's bullish momentum could extend to the psychological $0.50 mark.
On the other hand, the 3.24% intraday retracement could lead to a minor retest of $0.3463 or $0.30. This would create a retest opportunity for price action traders hoping for a reversal after the retest.
