Dogecoin (DOGE) Price on the Cusp of a Bullish Liftoff Amid Meme Coins Frenzy
Zameer Attar27 May 20242 min read
Dogecoin (DOGE), the flagship meme coin secured by the legendary proof-of-work (PoW) consensus method, has been gathering bullish momentum after a successful retest of the macro uptrend breakout.
The large-cap meme coin, backed by tech billionaire Elon Musk and over 7.3 million holders, has been forming a similar fractal breakout as the prior macro bull cycles.
Worth noting that most of the meme coins – led by Floki Inu (FLOKI), and Pepe (PEPE) – have experienced a notable bullish uptrend in the past two weeks.
However, Dogecoin’s price against the US dollar has been approaching the apex of an ascending triangle with a mild resistance of around $0.17.
Midterm Targets for Dogecoin Price
According to a popular crypto analyst Munro, with over 348k X followers, Dogecoin price is on the cusp of rallying beyond 20 cents if it consistently closes above $0.175 in the coming days. Dogecoin price against the US dollar has severally retested the 50 daily Moving Average (MA) after establishing a solid support level of around 14 cents.
Having established the daily 50 Relative Strength Index (RSI) as a robust support level, it is safe to assume that the Dogecoin price is now aiming to retest the 70 level in the near term. From a macro perspective, Dogecoin price is in the early stages of the crypto bull run that will take place for the next few quarters.
Why Bet on Doge
The Dogecoin community has been counting on Musk to integrate the meme coin with the X platform for payments to add to its utility and liquidity. Already, DOGE is used as a form of payment in purchasing Tesla products and has already been used to pay for a space mission with SpaceX.
As the top meme coin, Dogecoin will inevitably be adopted by more institutional investors, with some analysts predicting a spot DOGE ETF in the near future.
