With the price of #Bitcoin reclaiming $58K, the crypto market has recorded a strong bullish recovery. Moreover, the memecoin category has gained significant traction over the past week. This has resulted in many tokens recording double-digit gains.
Following this, memecoin leader, #Dogecoin (DOGE) price has successfully reclaimed the $0.1 mark. With this, questions like “How high is DOGE going?” and “Is this the right time to invest in memecoins?” have surfaced on the internet.
Dive in as, in this article, we have covered the market sentiments, price analysis, and possible price targets of the largest memecoin by market capitalization.
DOGE Coin Price On The Verge Of A Major Breakout?
With a jump of 3.26% within the past 24 hours, the Dogecoin price has successfully retested its support level of $0.101. Moreover, it is on the verge of testing its resistance trendline of the symmetric triangle pattern. However, the outcome of this is uncertain.
Moreover, it has added 5.05% over the past week. Despite recording a correction of ~1% during the past 30 days it has recorded a Year-to-Date (YTD) return of 17.13%. With a market cap of $15.29 Billion, it has secured the 08th position in the market.
Dogecoin Market Sentiments
The Moving Average Convergence Divergence (MACD) has displayed a constant rise in the green histogram. Further, its averages show a rising pattern. This suggests an increase in the bullish action.
Despite, the 50-day EMA acting as a resistance to the price chart in the 1D time frame, the averages have recorded a bullish curve in the longer time frame. This highlights that the memecoin leader will continue gaining value this week.
How High Is DOGE Going?
A bullish breakout could result in it heading toward its resistance level of $0.12730. Moreover, if the market continues to gain momentum, the Dogecoin price may rise toward its upper high of $0.15575.
On the flip side, a trend reversal could pull its price toward its support trendline of the triangle pattern. Further, an increased bearish action could result in it plunging toward its crucial low of $0.0780.
