Dogecoin's Potential to Double in Price
Date: 2024-03-04 Author: Dima Zakharov Categories: BLOCKCHAIN
Bullish Signs for Dogecoin
Indicators currently point towards a bullish momentum for Dogecoin. The golden cross of exponential moving averages (EMA) on the weekly chart suggests a bullish trend in the medium term. Additionally, DOGE has shown impressive gains against Bitcoin, strengthening by approximately 67.5% since February, despite the possibility of Bitcoin reaching a new all-time high (ATH).
Dogecoin's February Surge
Over the course of a month, the popular meme coin, Dogecoin, has surged dramatically in price by 122%. Breaking through the resistance at the $0.12 level has paved the way for further growth, with significant Fibonacci resistance levels at $0.31 and $0.48 indicating a potential increase of 93%.
Potential for Continued Growth
A breakout above $0.48 would signal a new bullish trend, potentially leading DOGE to surpass its historical high around $0.74. The monthly moving average convergence/divergence (MACD) histogram suggests an upward trend, supported by bullish MACD line crosses, while the relative strength index (RSI) remains neutral.
