As Dogecoin Records 29% Gain, Is a New 52-Week High on the Horizon?

Dogecoin has crossed the $0.20 mark and is eyeing a new 52-week high, recording a massive 29.41% surge in the last 24 hours.

With a 29% surge in the past 24 hours, Dogecoin has crossed above the $0.20 psychological mark. The massive surge comes as Bitcoin crosses the $75k mark and Donald Trump leads the U.S. presidential race.

As bullish sentiments in the crypto market continue to grow, will Dogecoin create a new 52-week high, crossing above $0.2289 this week? Let’s find out. 

Dogecoin Crosses $0.20

In the daily chart, the falling-wedge breakout rally in Dogecoin is continuously gaining momentum. The rising momentum has led to a higher high and higher low formation. Dogecoin has formed three consecutive bullish candles in the past three days, accounting for a 45.83% jump from its 7-day low of $0.1420. 

Dogecoin Price ChartDogecoin Price Chart
Dogecoin Price Chart

Currently, DOGE is trading at $0.2072 as it sustains dominance above a critical psychological mark. As the bullish influence grows, the 50-day and 200-day simple moving averages give a bullish crossover. 

Moreover, the MACD and signal lines are avoiding a negative crossover while bullish histograms continue to surge. With increasing buying pressure, the DOGE price reached a 24-hour high of $0.2193. Therefore, the chances of Dogecoin hitting a new 52-week high have increased significantly in recent events.

Dogecoin’s Second Flag Breakout

Taking a closer look at the 4-hour chart, Dogecoin shows another bullish flag pattern breakout, which fueled the ongoing rally. The flag pattern breakout has resulted in a massive upswing and crossed the 161.80% Fibonacci level at $0.2031. 

Dogecoin Price ChartDogecoin Price Chart
Dogecoin Price Chart

At present, the 4-hour candle shows a lower price rejection as it retests the broken 161.80% level. The long-tailed candle suggests a higher probability of a post-retest reversal, potentially targeting the 261.80% Fibonacci level at $0.24977.

Thus, Dogecoin shows a 20% upside potential in the short term. On the other hand, a potential retest of the previous swing high at $0.1797 indicates a 13.53% downside risk.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Source: https://thecryptobasic.com/2024/11/06/as-dogecoin-records-29-gain-is-a-new-52-week-high-on-the-horizon/?utm_source=rss&utm_medium=rss&utm_campaign=as-dogecoin-records-29-gain-is-a-new-52-week-high-on-the-horizon