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 (DOGE) 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 its 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 Target
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.
