Amidst the growing bull market, Dogecoin is maintaining its bullish trend and preparing for a new breakout. With buyers keeping the market price hovering above $0.40, the possibility of a bullish trend has increased significantly.

With the overall market recovery, DOGE could see a surge above the psychological $0.50 level. So, will the biggest meme coin break through this psychological barrier? Find out in our latest DOGE price analysis.

Dogecoin Price Analysis

On the 4-hour chart, DOGE price action shows a triangle pattern formation. This consolidation within two converging trendlines comes after a major breakout.

Over the past 30 days, DOGE price action has delivered significant gains, fueling a memecoin rally. The rally now accounts for a price increase of nearly 175% over the past 30 days.

Currently, DOGE price action shows a bounce from the support trendline, creating two consecutive bullish candles. However, DOGE price is struggling to overcome the 50% Fibonacci level at $0.423.

With a 1.04% retracement in the last 4 hours, supply pressure and a key Fibonacci resistance level have kept the upside in check. However, the short-term recovery has resulted in a consolidation of the MACD and signal lines.

With this, the indicator is poised for a bullish crossover if the uptrend persists. A break of the 50% Fibonacci level would challenge the overhead resistance trendline, attempting to break the triangle pattern.

Dogecoin Targets Breakout at $0.50.

Based on the Fibonacci levels, the triangle breakout rally will test the 78.60% Fibonacci level at $0.4553.

The 52-week high is currently recorded at $0.48078 and the breakout could spike towards the 1.272 Fibonacci level at $0.5113. This would result in a new 52-week high for the DOGE price and mark a major milestone above the psychological $0.50 level.

Conversely, a break below the local support trendline would test the 23.60% Fibonacci level at $0.39183. The rising 50 and 100 EMAs on the 4-hour chart act as dynamic support levels.

Frequently Asked Questions

What is the current price trend of Dogecoin?

  • Dogecoin consolidates in a triangle pattern and bounces off the support trendline. The price is struggling to break above the 50% Fibonacci level at $0.423.

What are the major resistance and support levels of Dogecoin?

  • Resistance is at the 50% Fibonacci level ($0.423), with targets at $0.4553 and $0.5113. Key support is at $0.39183 and rising 50 and 100 EMAs.

What are the chances of Dogecoin breaking above $0.50?

  • A breakout of the triangle pattern supported by bullish technical indicators and rising EMAs could push DOGE above the psychological $0.50 level, with a potential to reach $0.5113.