The price of Dogecoin (DOGE) is gaining momentum and holding a key support level, leading analysts to predict a potential surge towards $4.00. Technical indicators, Fibonacci retracement levels, and growing speculative interest are contributing to bullish sentiment. The market analyst Ali believes DOGE is currently bullish and trading above the upper trend line of a long-term ascending triangle pattern. DOGE is also trading above the 0.786 Fibonacci retracement level, which was previously resistant and now supports the price. If DOGE continues to hold this level, analysts expect it to target higher resistance levels of $0.50, $1.27, and potentially even $4.00 through Fibonacci extension. Other observers confirm the long-term upward trend of DOGE and point to a double-bottom formation on lower time frames, suggesting an upcoming rally. The Relative Strength Index (RSI) suggests growing buying pressure, while the Moving Average Convergence Divergence (MACD) indicates a positive trend. An increase in open interest in DOGE futures contracts suggests increased speculation among traders, potentially leading to increased market volatility. The association of Elon Musk and his new feature 'Department of Government Efficiency' with Dogecoin has also fueled market speculations. The DOGE community believes that if DOGE is adopted as a means of payment, it could benefit greatly. If momentum continues and market conditions remain favorable, traders could see Dogecoin revisiting previous all-time highs.



Other News from Today