Could Dogecoin (DOGE) follow XRP’s lead with a 60% rally next week?
Dogecoin price is showing signs of a potential bullish breakout, with technical indicators and on-chain metrics pointing towards an explosive move. Dogecoin has been range-bound between $0.0705 and $0.0952 since November 2022, but a recent deviation below the range low followed by a quick recovery suggests that the meme coin could be primed for a breakout. The Relative Strength Index and Awesome Oscillator both indicate a clear effort from bulls to take control. Important levels to watch include the range low at $0.0705 and the midpoint at $0.0828. Clearing this blockade could open the path for gains of nearly 35% up to the range high at $0.0952. If the bullish move continues, Dogecoin could reach the $0.114 level, a 62% rally for investors. On-chain metrics suggest high net worth investors are accumulating Dogecoin, potentially contributing to the bullish outlook. However, investors should have a backup plan in case of a breakdown of the range low, which could see a 15% crash to the $0.0597 support level.
About The Author
