Is Dogecoin Price Heading To $1 in this Crypto Bull Market?

With the memecoin market cap hitting $69.80 billion, Dogecoin is leading the memecoin wave. Dogecoin price has increased by 23% in the last 24 hours and has reclaimed a $0.20 psychological mark. Further, with the 24-hour high at $0.2193, Dogecoin has hit a market cap of $30.32 billion. 

As the trading volumes inch closer to $10 billion, Dogecoin price analysis reveals a massive upside potential. Will this bull run extend to the long-awaited $1.001 price target? Let’s find out.

DOGE Price Breakout Run Eyes 52W High

In the daily chart, the Dogecoin price action reveals a falling wedge breakout rally gaining momentum. This has led to a surge above the 78.60% Fibonacci level at $0.1930. With three consecutive bullish candles, the BTC price has increased by nearly 40% within 72 hours. 

As the Dogecoin price reclaims the $0.20 psychological mark, the golden crossover between the 50-day and 200-day EMA gains gap. Furthermore, the 100-day EMA completes a crossover above the 200-day EMA. Hence, the exponential moving averages support an uptrend continuation. 

Similarly, in support, the rising momentum has led to a positive continuation between the MACD and signal lines with resurfacing bullish histograms. The intraday candle shapes a massive bullish engulfing candle and teases a new 52-week high above the $0.22899. 

Based on the Fibonacci retracement levels, a breakout above the 52-week high will likely result in a price jump to $0.2976 or the 1.618 Fibonacci level. 

Will Dogecoin Price Hit $1?

In the weekly chart, based on the Fibonacci retracement over the 2021-22 bearish cycle, Dogecoin price action shows a rounding bottom reversal from the 200-week EMA. This surpasses the 23.60% Fibonacci level at $0.1770 and is heading towards the $0.25 or 38.20% level. 

As the weekly EMAs align positively with the MACD and signal line, marking a positive crossover, Dogecoin shows a rounding bottom breakout potential. The neckline of the rounding bottom pattern coincides with the 52-week high. A bullish breakout could likely result in a price jump to $0.5690 by the end of the year. 

However, for an extended run to the $1 price target, the meme coin must surpass the $0.5690 neckline. This will significantly increase the chances of Dogecoin price hitting the 1.272 Fibonacci level at the $1 psychological mark.  

Also read: Dogecoin price prediction for 2024-2030.