Is Dogecoin (DOGE) set to $0.5?
2024-11-13

Dogecoin (DOGE) has sustained its strong upward trend for a fourth day in a row, climbing 48% in the past 24 hours, which has reignited conversations about the possibility of the coin hitting a $1 price target.

DOGE surged past 41 cents early Tuesday, marking its highest level since May 2021, when it reached a peak of just over 70 cents. Over the past week, the cryptocurrency has delivered a return of more than 103% to investors and nearly tripled in value over the last 30 days, according to data.

Coinglass data states thar DOGE experienced over $131 million in total liquidation. These liquidations were the most significant for the dog-themed cryptocurrency this year, with open interest approaching an all-time high set in April.

The current rally has been largely led by positive sentiment surrounding the influence by tech entrepreneur Elon Musk during the Trump administration.

Dogecoin has experienced a significant upward trend in recent days, gaining momentum after breaking through the $0.25 resistance level. However, sellers strongly defended the $0.44 level, creating a strong rejection. As of writing, DOGE price trades at $0.39, increasing by over 1.6% in the last 24 hours.

The lengthy wick on the November 11 candlestick indicates that bears are attempting to halt the ascent at $0.44. If the buyers can maintain their position against the bears, the DOGE/USDT pair might continue its climb towards $0.4. Interestingly, buyers have successfully defended the $0.34 level, creating a strong rebound.

However, if the buyers struggle to push the price above $0.4, a correction could occur, potentially pulling the pair back down to $0.32, and possibly retesting the breakout level at $0.25. It will be crucial for buyers to defend this level to preserve the upward momentum.