Dogecoin (DOGE) price stands on the verge of a bullish breakout with upside targets extending to the $0.54779 mark.
As the rising Bitcoin tide lifts all altcoins, Dogecoin DOGE $0.39 24h volatility: 1.8% Market cap: $57.81 B Vol. 24h: $3.04 B is one of the top-performing high-ranking meme coins. With a 2.26% surge in the past 24 hours, the 7-day growth of Dogecoin has reached 25.88%.
Furthermore, with a market cap of $57.82 billion, Dogecoin is currently dominating nearly 50% of the meme coin space. The market cap of meme coins currently stands at $115.81, with a trading volume of $9.96 billion.
In the 4-hour chart, the DOGE price trend reveals a bullish breakout of a local resistance trendline. The breakout rally has bounced off from the $0.30 demand zone after a post-retail reversal.
The Dogecoin price rally has reached nearly $0.40, accounting for a massive surge over the past week. However, the bullish struggle to break through the $0.40 mark has resulted in a sideways shift.
While taking support from the 20-EMA line, the DOGE price recovery within the consolidation range is hinting at a breakout rally. The bullish surge over the past week has resulted in a golden crossover between the 50 and 200-EMA lines.
Furthermore, the 100 and 200-EMA lines are on the verge of giving a bullish crossover. Thus, the average lines trigger a buy signal for Dogecoin.
However, the 4-hour RSI line maintains a double-edged position. As the RSI line has dropped from the overbought zone and has taken a sideways shift. While this increases the room for growth, it also reflects the loss in momentum.
Nevertheless, the technical indicators are still maintaining a positive outlook for Dogecoin.
Amid the bullish recovery and the improving crypto market sentiment, the Dogecoin derivative data analysis reveals positive numbers. Over the past 24 hours, the Dogecoin open interest has risen by 4.19% to cross above the $4 billion mark.
Currently, it is standing at $4.15 billion, with the options volume skyrocketing by 200% to reach $155. Furthermore, the long-to-short ratio over the past 24 hours is gradually turning bullish, as it nears the threshold of 1.
At press time, the Long-to-Short Ratio stood at 0.9662, meanwhile, the funding rate of Dogecoin has risen to 0.0099%. With the positive funding rate and the significant surge in open interest, the bulls are looking extremely optimistic about the upcoming DOGE price trend.
Supporting the Bullish Chances, the whales over the past 24 hours have become extremely bullish over Dogecoin. With a purchase of 140 million Dogecoin worth $55.43 million at press time, highlights significant entry as Bitcoin crosses the $100,000 mark.
Hence, based on the positive numbers and the Fibonacci levels, the breakout above the $0.40 mark will likely challenge the crucial resistance levels at $0.4693 and $0.54779.
As Bitcoin stabilizes slightly above the $100,000 mark, Dogecoin is nearing its short-term peak. As DOGE price struggles to surpass the $0.40 mark, the TD Sequential Indicator presents a sell signal. This increases the chances of a minor price correction before the extended rally.
Hence, a bearish closing under the $0.37772 support level will nullify the upside chances and potentially retest the 200-EMA line near the 50% Fibonacci level at $0.3532.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Dogecoin (DOGE) News, Altcoin News, Cryptocurrency News, News
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
