Coinspeaker
Dogecoin (DOGE) Approaches Significant 45% Breakout If This Price Threshold Is Surpassed
Dogecoin
DOGE
$0.11
24h volatility:
-0.3%
Market cap:
$15.65 B
Vol. 24h:
$670.14 M
, recognized as the leading meme coin globally by market cap, is on the brink of a substantial breakout as the market experiences a resurgence. Although this cryptocurrency has not shown massive gains like those seen with Solana-based or Tron-based meme tokens this cycle, it stands to gain 45% in value if it can secure and maintain the $0.11 price point.
According to a chart shared on the platform X (formerly Twitter) by notable crypto trader Ali Martinez, Dogecoin could see a significant surge of 45% if two specified criteria are met. One condition has already been satisfied, and if the second requirement is fulfilled, there is a strong possibility for DOGE to trend upward in the near term.
Photo: @ali_charts
Martinez noted that the Relative Strength Index (RSI) for Dogecoin’s price action has broken through a descending trendline on its daily chart, indicating renewed demand for the meme coin. At the time of this writing, the RSI stands at 55.08, confirming that bulls currently dominate DOGE’s price movement.
As of publication, DOGE’s price is approximately $0.1071. The meme coin successfully reached the $0.11 threshold on Saturday but could not sustain its position above this mark. In the past 24 hours, DOGE opened the daily candle at $0.1063, climbing to a daily high of $0.1091 after rebounding from a low of $0.1040.
It is crucial to highlight that the second condition for achieving a 45% price increase has yet to be met, and the chances of a rally remain low until the meme coin converts the $0.11 price level into a support zone. Over the last week, DOGE has increased by 4.51%, while it saw a drop of 4.80% over the past month. Since September of last year, Dogecoin has experienced a substantial rally of 73.64%, yet it has been outperformed by competing meme coins such as WIF, PEPE, BONK, and others.
Dogecoin Price Analysis
Since March of this year, Dogecoin accumulation has been steadily increasing, and this trend appears to be continuing in the short term. Furthermore, the angle of the accumulation line suggests that the trend may persist, indicating a potential for DOGE to reclaim the $0.11 price level. However, this will require an uptick in buying volume.
Photo: TradingView
The price movement of Dogecoin is currently positioned in the upper range of the Bollinger Bands; however, the convergence of the upper and lower Bands indicates a decrease in volatility for the meme coin. This also suggests that a breakout could be imminent.
