#市场倒车ing你有购物清单吗？
Will Dogecoin pull to 0.5 before the end of this month?
With a new 52-week high formed at 0.4389, which was last seen in May 2021, Dogecoin price gains momentum. With a market cap of over $53 billion, Dogecoin accounts for nearly half of the meme coin’s market cap of $110 billion.
However, Bitcoin’s pullback caused Dogecoin price to retreat slightly. Will this pullback lead to a bearish reversal in the largest meme coin?
With the bottom breakout, the reversal bounced above the 61.80% Fibonacci level of $0.23. Last week, Dogecoin price rose by 83.64% and this week it has recovered by another 32%.
Currently, Dogecoin is around 0.3670, maintaining its dominance above the 78.60% Fibonacci level of $0.3463. The bullish reversal started at the 23.60% Fibonacci level, just below the psychological level of 0.10.
Since then, Dogecoin price has risen by nearly 300% in less than three months. The bullish trend is moving with strong momentum towards the all-time high of 0.73905.
As buying pressure increases, the 50-week and 200-week SMA lines have formed a golden cross with the 100-week SMA. Moreover, the MACD and signal lines are also trending upwards, forming a positive crossover with the bullish histogram.
If the bulls sustain a close above 0.3463 this week, the Dogecoin price rally could extend to the psychological level of 0.50.
On the other hand, an intraday pullback of 3.24% could result in a minor retest of the $0.3463 or $0.30 levels. This would provide a retest opportunity for price action traders who are hoping for a reversal after the retest.
If you want to seize this bull market, it is definitely too late to learn and sell now. It is best to have someone to guide you to get started quickly.
I am David, welcome to communicate!
