Dogecoin Price Forecast: Can DOGE Bulls Score A 99% Breakout?
Release: 2024/07/01 15:54 Reading: 406
Dogecoin Price Forecast: Potential 99% Breakout
On Monday, the price of DOGE surged by 4.4% to trade at $0.126 during European business hours. This increase follows Bitcoin's rebound from a crucial support level and the start of an uptrend.
An intriguing pattern forming on the Dogecoin chart suggests a potential 99% breakout in the coming days.
DOGE Price Forecast Hints at a Rally to $0.27
In line with Bitcoin's recovery, DOGE price has recently started to rise. Since the March mini-bull run when it surged to $0.22, Dogecoin has been trading within a falling wedge. This multi-month pattern is nearing its end, presenting the possibility of a 99% breakout.
The DOGE 14-day relative strength index (RSI) is at 43 and currently trending upward. A breakout above the midpoint level could signal an increase in bullish momentum, potentially driving the price higher to $0.27.
Despite its recent gains, DOGE remains below its 50-day and 200-day simple moving averages (SMA), facing some resistance around $0.139 (50-day SMA) and $0.131 (200-day SMA). Breaking above these indicators could enable the meme coin to break out of the falling wedge and surpass its yearly high of $0.22.
On the downside, DOGE price has support at the 0.786 Fibonacci retracement level, which it has tested three times in the past four months. A bounce from this level could propel the Dogecoin price to the 0.27 Fibonacci extension level around $0.27.
Data from CoinGecko indicates a recent surge in market activity for Dogecoin, with its 24-hour trading volume increasing by 43%.
DOGE's Potential to Reclaim $0.73 in H2 2024
Crypto enthusiasts and traders speculate that DOGE may regain its previous all-time highs in 2024. Crypto analyst Javon Marks predicts a 404% surge to reach the previous record price of $0.73.
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