As Dogecoin Records 29% Gain, Is a New 52-Week High on the Horizon?

Dogecoin has crossed the $0.20 mark and is eyeing a new 52-week high, recording a massive 29.41% surge in the last 24 hours.

With a 29% surge in the past 24 hours, Dogecoin has crossed above the $0.20 psychological mark. The massive surge comes as Bitcoin crosses the $75k mark and Donald Trump leads the U.S. presidential race.

As bullish sentiments in the crypto market continue to grow, will Dogecoin create a new 52-week high, crossing above $0.2289 this week? Let’s find out.

Dogecoin Crosses $0.20

In the daily chart, the falling-wedge breakout rally in Dogecoin is continuously gaining momentum. The rising momentum has led to a higher high and higher low formation. Dogecoin has formed three consecutive bullish candles in the past three days, accounting for a 45.83% jump from its 7-day low of $0.1420.

Dogecoin Price Chart

Currently, DOGE is trading at $0.2072 as it sustains dominance above a critical psychological mark. As the bullish influence grows, the 50-day and 200-day simple moving averages give a bullish crossover.

Moreover, the MACD and signal lines are avoiding a negative crossover while bullish histograms continue to surge. With increasing buying pressure, the DOGE price reached a 24-hour high of $0.2193. Therefore, the chances of Dogecoin hitting a new 52-week high have increased significantly in recent events.

Dogecoin’s Second Flag Breakout

Taking a closer look at the 4-hour chart, Dogecoin shows another bullish flag pattern breakout, which fueled the ongoing rally. The flag pattern breakout has resulted in a massive upswing and crossed the 161.80% Fibonacci level at $0.2031.

Dogecoin Price Chart

At present, the 4-hour candle shows a lower price rejection as it retests the broken 161.80% level. The long-tailed candle suggests a higher probability of a post-retest reversal, potentially targeting the 261.80% Fibonacci level at $0.24977.

Thus, Dogecoin shows a 20% upside potential in the short term. On the other hand, a potential retest of the previous swing high at $0.1797 indicates a 13.53% downside risk.

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