The post Dogecoin Teases New Bull Cycle With Wedge Breakout, Targets $0.33 appeared on BitcoinEthereumNews.com.

As Bitcoin reclaims the $90,000 mark, the meme coins are gradually turning bullish. The meme coin market cap currently stands at $54.94 billion, with Dogecoin recovering nearly 5% within 24 hours.  Currently, Dogecoin trades at a crucial crossroads near the $0.20 psychological mark and holds a market cap of $30 billion. This highlights the meme coin’s more than 50% dominance in its segment.  Will this short-term recovery result in a new bull run in DOGE with broader market stability? Let’s find out. Dogecoin Teases Morning Star Recovery To $0.30 In the daily price chart, DOGE currently trades within a falling wedge pattern. With the recent increased price fluctuation, Dogecoin breached the overhead resistance line.  However, the 20-day EMA line, acting as a dynamic resistance, led to a quick pullback. Currently, DOGE trades at a market price of $0.20, with an intraday recovery of nearly 2%.  This highlights a potential recovery in DOGE as it bounced off from a 24-hour low at $0.1826 on March 4. Currently, the Dogecoin price action hints at a morning sharp pattern near the local support trend line.  This hints at an increased chance of DOGE surpassing the 50% Fibonacci level. Furthermore, the merged MACD and signal lines highlight the uncertainty in momentum, while the broader market recovery hypes the chances of a wedge breakout rally.  Based on the Fibonacci levels, the breakout rally in Dogecoin will likely surpass the 61.8% Fibonacci level to reach the $0.33 resistance mark. On the flip side, the crucial support level remains at $0.17. The recovery rally will likely limit the chances of a death cross between the declining 50 and 200-day EMA lines. Analyst Reveals New Record for Dogecoin  Supporting the chances of a bullish comeback, Ali Martinez highlights a bullish viewpoint on Doge’s network. As per the analyst,…

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Filed under: News - @ March 5, 2025 12:22 pm