DOGE Price Surges Nearly 5% Adding $2.2 Billion Market Cap
Dogecoin (DOGE) has risen nearly 5% in 24 hours, trading around $0.18, adding over $2.2 billion to its market cap, now at $26.88 billion. This surge follows the US Federal Reserve's decision to maintain interest rates.
Key points:
- DOGE experienced a 114% increase from peak to peak in its last two major moves.
- Some analysts speculate a potential 500% breakout that could drive DOGE to $1.
- The formation of a falling wedge pattern suggests a target price between $0.53 and $0.58.
- The MACD indicates bullish momentum with positive signals on the 4-hour chart.
- RSI is around 62, nearing overbought conditions, indicating strong buying pressure but caution for short-term traders.
- Bollinger Bands show DOGE breaking above the upper band, suggesting potential overextension; re-entry could lead to a retracement.
- A trendline analysis predicts a possible dip to $0.14 before a rebound to $0.30.
- Resistance levels identified at $0.20, $0.23, and December high at $0.46.
DOGE price chart with MACD | Source: TradingView
DOGE price chart with RSI and Bollinger Bands | Source: TradingView