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Dogecoin (DOGE) price rose by 4.4% in the last 24 hours, reaching $0.126, catching the attention of the cryptocurrency world. This price increase came after Bitcoin recovered from a significant support level, directly positively impacting Dogecoin. The altcoin‘s price chart shows a promising formation indicating a 99% breakout potential in the short term.
Dogecoin Prepares for a Major Breakout
Since Dogecoin’s mini bull run in March, reaching $0.22, the descending wedge formation is nearing its end. This formation suggests a significant breakout that could potentially push DOGE’s price to $0.27. The 14-day relative strength index (RSI) for the altcoin is currently at 43 and rising. If the RSI surpasses the midpoint level of 50, the upward momentum could accelerate, driving the price higher.
Dogecoin’s recent price movement brought it closer to the 50-day and 200-day simple moving averages (SMAs) but remained slightly below these levels. The 50-day SMA is at $0.139, and the 200-day SMA is at $0.131, both acting as resistance points. If DOGE manages to break above these SMAs, it could potentially escape the descending wedge formation and surpass the year’s high of $0.22.
Additionally, DOGE is currently testing the 0.786 Fibonacci retracement level, which has served as a strong support zone for the past four months. A successful bounce from this level could push Dogecoin’s price towards the 0.27 Fibonacci extension level, approximately $0.27. As reported by CoinGecko, Dogecoin’s 24-hour trading volume saw a recent 43% increase, reflecting heightened market activity and interest.
Forecast of a 404% Rally
Looking into the second half of 2024, there is speculation among cryptocurrency enthusiasts and analysts that DOGE could reclaim its previous all-time high of $0.73. A prominent cryptocurrency analyst on X, Javon Marks, predicted a significant 404% rally that could potentially bring DOGE back to its former peak.
Additionally, the influence of renowned billionaire Elon Musk on Dogecoin cannot be ignored, as his statements and Tesla’s acceptance of DOGE as a payment method have significantly impacted its price. SpaceX and X are expected to integrate DOGE for payments soon, which could further strengthen the bullish outlook.
