Dogecoin (DOGE), the leading meme cryptocurrency by market capitalization, is poised to emerge as one of the top-performing digital assets in 2024 after days of continued gains closely aligning with bullish sentiments prevailing in the overall market.
DOGE currently displays the potential of a sustained bullish breakout, supported by technical indicators. Notably, the token has recently witnessed a bullish cross between the 50-week Moving Average (MA) and the 100-week Moving Average, indicating a potential uptrend.
Regarding the next price action, cryptocurrency analyst CredibleCrypto, on March 1, observed that DOGE could be preparing to sustain its gains after the token reclaimed lost lows.
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In a previous analysis, CredibleCrypto pointed out a possible continuation of the current uptrend if the price rises above a local low of around $0.12. In this case, the analysis considers the $0.12 position as the key to supporting DOGE in search of new highs.
Having reclaimed the lows, the analysts projected that the move could signal a potential increase in buying pressure and a continuation of the uptrend, potentially targeting the $0.16 mark.
Impact of history on DOGE’s price
Elsewhere, crypto trading expert TradingShot, in a TradingView analysis on February 29, also projected a highly optimistic outlook for Dogecoin, supported by technical indicators and historical trends.
The expert noted that Dogecoin’s consistent adherence to ‘Accumulation Phase’ boundaries and formation of MA50 and MA100 have historically triggered rapid rallies. The analysis highlighted that the current timeframe, less than three weeks from completing 1050 days since the all-time high, historically marks the start of the parabolic rally Phase.
In this context, TradingShot expressed a strong bullish sentiment, setting a target at the 0.786 Fibonacci level of the channel up ($2.000), considered a fair price target with a potential surge to $6.000 in case of market overextension.
While Dogecoin is currently experiencing a bullish trend, the sustainability of this momentum is uncertain, given the significant whale activity. Notably, Whale Alert data on February 28 reported a substantial transfer of over 80 million Dogecoin to Binance.
This movement could potentially indicate an intention to sell. The current gains may present an opportunity for profit-taking, potentially negating recent positive market developments.
DOGE price analysis
By press time, Dogecoin was trading at $0.14 with double-digit gains of about 18% on the daily chart. On the weekly chart, the meme coin is up almost 70%.
As analysts project sustained gains, the recent price movements of DOGE evoke memories of 2021 when it delivered substantial performance, significantly impacting early investors’ portfolios. If the market rally continues, investor focus will be on the coin’s ability to hit $1.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
