Dogecoin, the largest meme coin, stands at a critical juncture. After a promising few weeks, its price faces a pullback.
Currently, Dogecoin has a market cap of $17.30 billion, trading at $0.1184. In the last week, it saw a 9.01% rise, with a weekly gain peaking at 16.95%. This recent volatility hints at a potential continuation of the bullish trend.
On the daily chart, Dogecoin has broken out of a falling wedge. It crossed the crucial $0.10 mark, peaking at $0.13, before retracing to test its 100-day EMA. The meme coin now trades between the 100-day and 200-day EMAs, supported by bullish momentum in the 50-day EMA. After a sharp 8.14% drop on Monday, the coin rebounded with a 3.62% gain, hovering at $0.11786. This signals a possible reversal and uptrend continuation.
Dogecoin’s market Performance
Dogecoin’s price action shows key resistance levels at $0.14026, $0.17394, and $0.22008. The MACD suggests a bearish crossover might occur, but the recent intraday recovery hints at prolonged bullish momentum.
On the 4-hour chart, Monday’s pullback breached the 61.80% Fibonacci level at $0.11807 and dropped below the 50-day EMA. However, it found support at the 100-day EMA. The short-term trend remains bullish, backed by dynamic moving averages. A rounding-bottom reversal could push Dogecoin back to $0.1387 or even higher, to the 100% Fibonacci level.
The bullish trend struggled to break past the 78.60% Fibonacci level at $0.12717. Yet, a continuation of this uptrend could target $0.17226, driven by a breakout rally. Key support levels to watch are the 50% and 38.20% Fibonacci levels at $0.1168 and $0.10528.
With momentum building, Dogecoin could be on the verge of achieving new highs, despite short-term setbacks. A move toward $0.17 remains plausible if the bullish trend holds firm.
