Bitcoin has finally broken through the $65,000 barrier, signaling a significant upward movement in the cryptocurrency market. Altcoins, too, are enjoying robust growth, with some even experiencing triple-digit increases. Dogecoin, after a period of stagnation, has once again picked up momentum in response to the positive market trends.
Dogecoin’s Market Climb
With a notable decrease in selling pressure from miners and a reduction in their reserves, Dogecoin is showing signs of a strong rally, supported by the recent upsurge in Bitcoin’s value. Currently trading at $0.161, Dogecoin has witnessed a 122% rise in just over a month. After surpassing the $0.12 resistance level, Dogecoin’s price targets are now set at key Fibonacci levels of $0.31 and $0.48, hinting at a possible 93% increase from its current value.
Potential for Record Highs
Dogecoin’s price trajectory, if it sustains above the $0.48 mark, could propel it to an all-time high (ATH) near $0.74. This bullish trend suggests that the cryptocurrency could eventually hit the coveted $1 milestone even without the influence of notable figures like Elon Musk, who previously played a significant role in Dogecoin’s rise. The weekly charts corroborate this optimistic forecast, showcasing a clear uptrend with the Relative Strength Index (RSI) pointing towards continued growth.
In terms of the short-term outlook, Dogecoin’s daily chart exhibits a potential for a larger rally, indicated by the golden cross of the Exponential Moving Averages (EMAs). However, caution is advised as the overbought RSI signals a potential for sharp corrections, especially if Bitcoin’s price was to retract. The support levels of $0.1263 and $0.098 will be critical in the event of a drop.
The cryptocurrency’s performance against Bitcoin also looks promising, with Dogecoin gaining approximately 70% last week. Resistance is currently faced around the 0.00000261 BTC mark on the 200-week EMA. The subsequent targets are set at 0.00000389 BTC and 0.00000533 BTC, indicating a bullish stance for Dogecoin in the near future.