The crypto markets are abuzz with excitement as the first quarterly close of the year approaches, signaling the upcoming Halving event. The anticipation for this bullish event has been building since the beginning of the month, leading to a surge in prices across the board. Bitcoin has soared above $70,000, igniting a bullish trend in the markets, with Dogecoin reaching new highs for the year.
After consolidating above key support levels for weeks, the price of Dogecoin has now embarked on a steep upward trajectory towards its local highs. With bullish signals flashing and technical indicators favoring a positive outlook, many believe that the memecoin craze is about to kick off, propelling DOGE towards its previous highs and potentially reaching $1 in the next quarter.
Analyzing the weekly chart, it is evident that Dogecoin has entered the next phase of its bull run after holding steady around $0.172 and $0.185. The accumulation by bulls has been strong, and with the RSI remaining within the upper threshold and the MACD turning bullish, buying pressure is expected to continue driving the price higher.
Looking at the FIB levels, the 0.236 FIB level has provided a solid base for Dogecoin to make a significant leap towards the 0.382 FIB levels. However, breaking and sustaining the 0.5 FIB level at $0.382 will be crucial in convincing market participants of a sustained bullish trend. If history repeats itself, 2024 could be another bullish year for Dogecoin, potentially pushing its price above $1 in the near future.
With the crypto markets gearing up for the Halving event and Dogecoin showing strong bullish momentum, investors and enthusiasts are eagerly watching to see how the memecoin will perform in the coming months.
Source: [Coinpedia](https://coinpedia.org/price-analysis/dogecoin-back-above-0-2-doge-bulls-gearing-up-aiming-for-another-15-jump-ahead-of-quarterly-close/)
