Dogecoin (DOGE) Could Experience a 10% Increase Upon Crossing a Vital Threshold
Dogecoin (DOGE), the popular meme coin, could be in for a 10% surge if it can overcome a crucial level. The cryptocurrency has been range trading for the past few months but recently broke the $0.067 mark and reached higher levels within that range. Currently priced at $0.69, Dogecoin has surpassed the $0.075 level, which is near the MA 200 mark, indicating a positive factor. If it continues to stay above this level, it could potentially rally toward the $0.085 mark, resulting in a 10% jump in its price.
Despite its underperformance in recent months, Dogecoin has a strong and active community that sets it apart from other meme coins. However, it has struggled to break through certain resistance points, and its recent barrier break was not sustained by bullish investors. The asset remains stuck between the daily MA 50 and 200, with prices ranging between $0.067 and $0.076. Breaking through these levels could propel Dogecoin to higher price levels.
If sustained bullish sentiment continues, Dogecoin could reach prices as high as $0.094 and potentially even surpass $0.10. IntoTheBlock, a market analysis firm, has noted that there is little resistance at the current price level, as per its In/Out of the Money metric. However, the next major resistance point for the asset is between $0.072 and $0.085, which could pose a challenge to its price increase.
Overall, Dogecoin’s potential surge and its ability to surpass crucial levels will largely depend on the trajectory of the overall cryptocurrency market and the sustained support from its community. If it can continue to overcome these challenges, the meme coin could see significant price gains in the near future.