Dogecoin Price Analysis: Bull Run Targets $0.50 This November?

Published by

Sohrab Khawas

November 13, 2024

Dogecoin Price Prediction: Bullish Rally Hints A Retest At $0.5?

With a new 52-week higher formation at $0.4389, last seen in May 2021, the Dogecoin price rally is gaining momentum. Dogecoin’s market cap exceeds $53B, accounting for nearly half of the meme coin’s market cap, $110B.

However, a pullback in Bitcoin results in a minor step back in the DOGE price. Will this pullback result in a bearish reversal in the biggest meme coin? Find out more about Coinpedia’s latest Dogecoin price analysis.

Dogecoin Price Performance

With a rounding bottom breakout, the reversal rally exceeds the 61.80% Fibonacci level at $0.23. Last week, the Doge price jumped by 83.64%, followed by a 32% recovery this week.

Currently, the Dogecoin price is trading at $0.3670, maintaining dominance above the 78.60% Fibonacci level at $0.3463. The bullish reversal in the meme coin started from the 23.60% Fibonacci level, slightly below the $0.10 psychological mark.

Since then, the Doge price has increased by nearly 300% in less than three months. The bullish trend is approaching its all-time high level of $0.73905 at high momentum.

As the buying pressure grows, the 50 and 200-week SMA lines give a golden crossover with an uptick in the 100-week SMA. Furthermore, the MACD and Signal lines skyrocket with a positive crossover with skyscraping bullish histograms.

DOGE Price Targets

If the bull run sustains a closing price above $0.3463 this week, the Dogecoin price rally will likely extend to the $0.50 psychological mark.

On the flip side, the intraday pullback of 3.24% could result in a minor retest of the $0.3463 or $0.30 levels. This will provide a retest opportunity for price action traders hoping for a post-retest reversal.

Will the Dogecoin rally hit $1 in 2024? Read Coinpedia’s DOGE price prediction for 2024-2030 to find out.

FAQs:

What is the next target for Dogecoin’s bull run?

The immediate target is $0.50, with the potential to challenge the all-time high of $0.73905 if the momentum sustains.

What key levels should traders watch?

Key support levels include $0.3463 and $0.30, while resistance lies at $0.50 and the all-time high at $0.73905.

What signals indicate continued bullish momentum for Dogecoin?

The golden crossover of the 50 and 200-week SMA, strong MACD histograms, and dominance above the 78.60% Fibonacci level at $0.3463 point to sustained bullish momentum.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.