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Bitcoin price has finally soared above $65,000 after a long pause, and altcoins are once again experiencing double-digit growth. Last week, memecoins saw their gains reach triple-digit levels. Dogecoin has reignited its rockets following a period of weak performance. So, what is the current price target?
Dogecoin (DOGE)
We previously reported that miner selling pressure had weakened and supply pressure had ceased. Following a reduction in Dogecoin miners’ reserves to levels last seen between 2013-2015, the anticipated movement began with the support of the BTC price rally. At the time of writing, DOGE is trading at $0.161. Moreover, there’s a strong appetite for new highs on the BTC front.
Dogecoin has seen a 122% increase in just over a month. With the main resistance at $0.12 broken, the path is clear for further increases. The main targets for DOGE are now significant Fibonacci resistance levels at $0.31 and $0.48, which point to a potential 93% rally. Those who capitalized on the bottom could see gains close to tenfold.
If the DOGE price can remain strong above the $0.48 resistance, it could reach the ATH region of $0.74. Moreover, this time the belief in reaching the historic target of $1 could increase even without Elon Musk’s support. Musk had played a significant role in the price’s journey to ATH until his antics on the SNL Show.
The weekly chart shows a clear uptrend, and the RSI supports further increases.
What Will Be the Price of DOGE?
So what does the short-term outlook indicate? On the daily chart, Dogecoin signals a larger rally with the golden cross of the EMAs. However, with the RSI in the overbought zone, a sharp decline in the event of a potential BTC price correction should not be overlooked.
The four-hour short-term chart shows a parallel channel that supports the possibility of an early decline. In case of a drop, the supports at $0.1263 and $0.098 will be crucial.
Thanks to gains against BTC, DOGE saw an increase of around 70% last week and is currently facing resistance at around 0.00000261 BTC on the 200-week EMA.
The next targets are 0.00000389 BTC and 0.00000533 BTC.
