Will Dogecoin (DOGE) lead the meme coin rally as buyers prepare to surpass the psychological $0.50 mark?
As Bitcoin holds above the $102,000 mark, meme coins are gaining momentum. The meme coin market cap is approaching a valuation of $110 billion, and Dogecoin is preparing to surpass the psychological resistance of $0.40.
Currently, Dogecoin holds a market capitalization of $58 billion, controlling over 50% of its segment, up 7.60% in the last 24 hours. Dogecoin’s 7-day yield stands at 24%, signaling a potential bull run ahead.
Dogecoin Price Analysis
On the 4-hour chart, Dogecoin price action crossed the 61.80% Fibonacci level at $0.39139, as predicted in our previous article.
Currently, DOGE has formed its third consecutive bullish candle, representing an increase of almost 10%. This points to a potential breakout above the 78.60% Fibonacci level.
Amidst this growing momentum, the 50-day and 200-day EMA lines made a golden crossover. Additionally, the 100-day EMA is about to cross above the 200-day EMA, which would signal a buying opportunity.
Meanwhile, the 4-hour RSI entered the overbought limit, further strengthening the bullish outlook for Dogecoin.
Confident Whales Load Dogecoin Ahead of Rally
Whales are increasing their holdings as Dogecoin’s uptrend accelerates. According to a recent job by crypto analyst Ali Martinez on X, Dogecoin whales have accumulated significant amounts of DOGE.
Specifically, Santiment data shows that whales purchased 200 million DOGE tokens over the past three days.
The whales bought 200 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vYSI3C2cUs
– Ali (@ali_charts) January 16, 2025
DOGE Price Target
With a bullish breakout of the 61.80% Fibonacci level, Dogecoin is likely to hold above the psychological resistance of $0.40 and could reach the high of $0.4865. Based on Fibonacci levels, a rise to $0.52 and a new 52-week high are possible.
Meanwhile, the crucial support levels for Dogecoin are $0.3675 and $0.3463.
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