Coin World Report:
Should you consider buying DOGE before the next bull market as the largest meme coin regains popularity? Let’s explore further.
DOGE Price Performance:
On the daily chart, the price of Dogecoin (DOGE) shows 8 bullish candlesticks, accounting for 24.57% of the total. The bull market began with a double bottom reversal and a subsequent retest after a descending wedge breakout.
Starting from the recent low of $0.08049 on August 5th, the price of Dogecoin has increased by 62.64% in the past 3 months. Furthermore, it has surpassed the previous high of $0.1282, completing a rounded bottom reversal.
Technical Indicators:
MACD: The increasing trend momentum has led to a bullish crossover of the MACD signal line, accompanied by a surge in the positive histogram.
EMA: The bullish influence has caused the 50-day EMA to rise, increasing the likelihood of a golden cross.
Therefore, technical indicators support the possibility of a bullish trend in the price of Dogecoin (DOGE).
DOGE Social Activity:
A recent tweet from LunarCrush Social Intelligence shows that Dogecoin is causing a buzz on major social media platforms. With social activity reaching the highest level in 12 months, this meme token has reached its highest point in 3 months.
In the past 24 hours, the dominance of this meme coin in social media has increased by 1.55%, and the number of creators has increased by 2.59%. However, the market sentiment for Dogecoin has declined by 10% and currently stands at 84%, which is still optimistic.
DOGE Price Targets:
According to Fibonacci levels, the uptrend has surpassed the 23.60% and 38.20% Fibonacci levels. However, the meme coin faces resistance around $0.14, resulting in an elongated candlestick pattern on the daily chart.
This raises doubts about the dominance of bullish sentiment above the 38.20% Fibonacci level. However, the next target in the uptrend is the 50% level at $0.14404.
If the uptrend continues with market recovery, the price of Dogecoin (DOGE) may break through the 50% level and reach 67.80% or 78.60%, which corresponds to $0.1591 or $0.1835. On the other hand, key support levels are at psychological levels of $0.1151 and $0.10.
