Why Dogecoin Price is Up Today?
Sohrab Khawas5 Nov 20242 min read
Despite the BTC price struggling at the $68,000 level and the broader market chaos due to the US market elections, Dogecoin ranks as a top performer. With a bullish recovery rally leading to two consecutive bullish candles, the meme coin prepares for a massive rally.
Further, the trend reversal rally in Dogecoin continues to form higher low formations and break multiple resistances. Will this sudden surge of bullish momentum lead to a new 52-week high for Dogecoin?
Golden Crossover to Push Dogecoin Higher
In the daily chart, Dogecoin price action reveals a falling-wedge breakout rally gaining momentum. Based on the Fibonacci level, the uptrend reached 78.60% Fibonacci level at $0.18352.
However, the broader market correction led to a retest of the 50% Fibonacci level at $0.1440. With a quick low price injection, the BTC price forms two consecutive bullish candles, accounting for a price jump of 13.80%. The Dogecoin price jump ranges from the 7-day low of $0.1420 to the current market price of $0.16169.
The trend reversal rally in the Dogecoin prices is starting to shape up a rounding bottom pattern. Further, the neckline of the bullish reversal pattern coincides with the 100% Fibonacci level at $0.2199.
Technical Indicators:
SMA: The 50-day and 200-day simple moving averages have a bullish crossover, supporting the upside chances.
Stochastic RSI: The K and D lines in the Stochastic RSI are ready for a bullish crossover.
Where’s Dogecoin Price Headed?
With an intraday gain of 2.19%, Dogecoin price has crossed above the 61.80% Fibonacci level and aims to re-challenge the 78.60% decline. As the broader market remains volatile, the conditions will likely improve after the election phase.
Hence, the broader market recovery will likely propel the Dogecoin price to its 52-week high of $0.22899. Further, this will lead to a rounding bottom breakout rally. Based on the Fibonacci level, the optimistic target for the breakout rally is $0.37130 at the 1.618 level.
Will DOGE hit $1? Find out now in Coinpedia’s Dogecoin price prediction.
FAQs
- The current market price of 1 DOGE is $0.16271.
