Dogecoin Shows Bullish Momentum with Price Target of $0.425
Over the past 24 hours, Bitcoin price has regained the $96,500 mark, reflecting a 1.12% increase. The meme coin market cap rose to $97.14 billion from a recent low of $93.25 billion, indicating bullish momentum in this segment.
Dogecoin (DOGE) is showing signs of recovery with a weekly return of 19.05%, suggesting potential upward movement as New Year's approaches.
Dogecoin Price Recovery Hints at Bullish Weekends
The 4-hour chart indicates a sideways trend for Dogecoin following a significant pullback. Price consolidation is occurring under the 38.20% Fibonacci level at $0.3435, while the psychological support at $0.30 marks the bottom of the trend. Current price action suggests a rounding bottom reversal from the 23.60% Fibonacci level.
Photo: TradingView
In the last 4 hours, Dogecoin price increased by 2.94%, forming a bullish engulfing candle that counters a streak of six bearish candles. Currently trading at $0.32081, Dogecoin has surpassed the 20-EMA line. The daily RSI near the 50% level indicates increased buying pressure and potential for a reversal rally driven by bullish divergence.
Whales on a Buying Spree for 48 Hours
Interest from whales in Dogecoin has surged, with over 90 million DOGE tokens purchased in two days, as reported by analyst Ali Martinez. This activity has raised total holdings to 22.13 billion DOGE tokens.
Photo: Santiment
Technical Flash Buy DOGE
The TD Sequential Technical Indicator has generated a buy signal for Dogecoin at a market price of $0.31556 on the 4-hour chart, enhancing the likelihood of a rounding bottom reversal.
Dogecoin Price Target
As the possibility of a reversal rally increases, the immediate price target based on Fibonacci levels is $0.3438 at the 38.20% level. With whale support, Dogecoin could challenge resistance at the 78.60% Fibonacci level at $0.425. The psychological support remains at $0.30, followed by the horizontal level at $0.26640.