Dogecoin Price Prediction: Bullish Rally Hints A Retest At $0.5?
The Dogecoin token has surpassed the market cap of “USDC” to become the 07th largest cryptocurrency in the world. Notably, the DOGE memecoin started gaining traction following Elon Musk’s mention on D.O.G.E this month.
With the rising volatility in the crypto market, will Dogecoin maintain its bullish momentum and head toward its upper price target or will this memecoin undergo correction in the coming time?
With a weekly surge of ~25%, the Dogecoin price has maintained its upward trend. Moreover, it has soared 153.16% during the last 30 days. This highlights an increased positive influence of the meme coin in the crypto space.
Notably, with a Year-to-Date (YTD) return of +305.68%, the Dogecoin price has achieved its 42-month high. With a market capitalization of $53.23 billion, it has secured the 07th position in the market.
The SMA indicator has supported the DOGE coin price in the daily time frame. This suggests an increase in the buying-over-selling pressure for the largest memecoin in the crypto market.
The Relative Strength Index (RSI) continues trading above the overbought range in the Dogecoin price chart. However, with its average trendline recording a bearish convergence, this altcoin hints at a mixed price sentiment this week.
If the bullish momentum sustains, the Dogecoin memecoin could head toward its resistance level of $0.440. Furthermore, if the bulls dominate the cryptocurrency market, this could push the price of this altcoin to its upper high of $0.50 this month.
On the flip side, if the bears outrun the bulls, the DOGE memecoin may retest its support level of $0.325. Moreover, if the bearish sentiment intensifies, this could result in it plunging toward its lower support level of $0.265.
Curious to know if this meme coin will hit the $1 mark? Read CoinPedia’s Dogecoin Price Prediction, and also subscribe to us to stay updated on the latest happening in the crypto-verse.
Dogecoin will require a jump of 172.11% to achieve the $1 mark.
With a current trading price of $0.36749, you can buy 1,360.5812 DOGE memecoins.
With a potential surge, this memecoin may surge to a maximum of $1.07.
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