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Can Dogecoin (DOGE) double its value?

Can Dogecoin (DOGE) double its value?

Mar 4, 2024

Dogecoin's vigorous growth continues, and the question of whether its price can double depends on various factors, including market sentiment and external events.

At the moment, there is a bullish momentum: the golden intersection of exponential moving averages (EMA) on the weekly Dogecoin chart indicates a bullish trend in the medium term. Despite the possibility of bitcoin reaching a new historical high (ATH), Dogecoin has shown impressive growth, strengthening by about 67.5% since February.

Over the past month, Dogecoin has effectively increased its price by 122%. A breakout of resistance at $0.12 opened the way for further growth, and the Fibonacci resistance levels at $0.31 and $0.48 indicate a 93% growth potential.

A break above $0.48 signals a possible new bullish trend, which could lead to Dogecoin reaching a new historical high around $0.74. The weekly chart confirms the bullish outlook, as the EMA has formed a golden intersection, and the MACD lines also show a bullish intersection.

The daily chart also shows a bullish trend, confirmed by the golden crossing of the EMA, but caution should be exercised due to the strong overbought RSI. However, there are no signs of bearish divergence yet.

There is a bearish divergence in the parallel ascending channel on the 4-hour chart, but the MACD lines continue to show bullish momentum. Significant support levels are expected at $0.1263 and $0.098.

Despite the "death cross" paired with bitcoin, Dogecoin has demonstrated significant strength, jumping by more than 67.5% over the past week. The current resistance is around 0.00000261 BTC, and a successful breakout could lead to the next Fibonacci resistance levels.


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