Will the ongoing Dogecoin rally trigger a breakout rally this weekend and push the price to $0.3900?
Due to the rapid recovery of the crypto market in the last few hours, the market capitalization of meme coins has increased from $94 billion to the current level of $97.38 billion. As buying pressure increases in the meme segment, Dogecoin is back in action.
With a 13% increase in the last 7 days, Dogecoin’s market cap now stands at $47.15 billion. Will Dogecoin manage a breakout as a year-end rally looks increasingly likely?
DOGE price analysis
On the 4-hour chart, Dogecoin price action shows a gradual increase in bearish influence. The low-high formation after a failed attempt to break $0.4842 has kept Dogecoin below trendline resistance. This has resulted in three bearish reversals.
Furthermore, the corrective phase has resulted in a death crossover between the 50 and 200 period SMAs and a bearish crossover between the 100 and 200 period SMAs. This alignment of the SMAs is bearish on the 4-hour chart.
After the death cross, the 50-SMA continues to act as dynamic resistance, keeping Dogecoin’s price under bearish control. Currently, Dogecoin is trading in a consolidation range between the Fibonacci level of 23.60% and 38.20%.
Meanwhile, the crucial support zone at $0.30 acts as a buffer along with the 23.60% Fibonacci level. Dogecoin is currently at $0.3202 and is forming a bullish engulfing candle, up 2.90% in the last 4 hours. This rebound counteracts the 6.48% drop from the previous night that had formed a bearish daily candle.
Dogecoin price targets
Since the intraday…
