The cryptocurrency markets are approaching the end of the first quarter of the year, with the highly anticipated Halving event on the horizon. The excitement leading up to the halving has already begun this month, leading experts to predict a pattern of price surges as the quarter comes to a close. With Bitcoin's price exceeding $70,000 recently, the overall market sentiment has turned bullish, resulting in Dogecoin reaching new highs for the year.

Having stabilized above crucial support levels for several weeks, Dogecoin has started a steep upward movement towards local highs. Following over two years of consolidation, the market has shown positive signs, with technical indicators in favor of a bullish trend. This optimism has sparked suggestions that the rising popularity of meme coins could come back into focus, leading Dogecoin's price to potentially reach $1 in the next quarter.

Analyzing the weekly chart above, it is evident that Dogecoin's price has entered a new phase of the bull run after holding steady around $0.172 and $0.185 levels. This demonstrates that bulls have built up strong support and are poised for further upward movement, especially as the Relative Strength Index (RSI) remains in bullish territory and the Moving Average Convergence Divergence (MACD) has turned positive after a prolonged consolidation period. These technical indicators suggest increasing buying pressure, which is likely to sustain the bullish momentum.

Based on Fibonacci levels, the token has risen from the 0.236 Fib level to target the 0.382 Fib level, highlighting the potential for further gains. However, breaking and maintaining above the 0.5 Fib level at $0.382 is crucial to confirm a sustained uptrend and convince market participants of the bullish outlook for Dogecoin. As history repeats itself, much like the bullish trend seen in 2021, 2024 could be another strong year for meme coins, especially Dogecoin, potentially reaching new highs above $1 in the near future.