Dogecoin price has been outpacing its peers for the past few weeks as it sets out to eliminate one zero. DOGE’s value has grown by more than 26% since the start of the year. Over the past 24 hours, the coin’s total market cap has climbed by more than 3%. The total volume of DOGE traded in the past 24 hours has climbed by 118.60%.

DOGE Fundamental Outlook

Data by CoinMarketCap shows that the overall crypto market has been on a recovery for the past few days. The global crypto market cap, as well as the total crypto market volume, has increased over the last day.

Meme coins have gained traction since the start of the new year, with their total market capitalization growing to $19 billion. Dogecoin is the largest meme coin, accounting for nearly $11.8 billion in market share.

Dogecoin price has pointed to a clear sign of bouncing off a stable support level. The dog-themed coin has been hovering above the key support level at $0.08000 for the past few days, resetting the bullish momentum. DOGE is likely to kick-start a quick rally.

DOGE’s Relative Strength Index (RSI) has slipped from the overbought region, suggesting that the bulls have an opportunity to stage a strong comeback. Investors seem optimistic about the Dogecoin price in the near term ahead of the Federal Reserve’s policy meeting.

Dogecoin Price Forecast

Dogecoin price displayed favorable market signals during the first week of the new year, enabling traders to take part in its 25% upswing. At the time of writing, the altcoin was trading 0.56% lower at $0.08775. On the four-hour chart it has managed to move above the 50-day and 100-day moving averages. Its Relative Strength Index (RSI) is at 60.

Therefore, I expect the Dogecoin price to have a bullish breakout in the near term as the bulls eye the key resistance at $0.09365. However, a move past the crucial support at $0.0813 cannot be ruled out.