The world’s largest memecoin Dogecoin $0.106634 (DOGE) is on the verge of a major rally in the cryptocurrency market recovery. According to analysts, if the memecoin breaks through and stays above the $0.11 level, the price could increase by up to 45 percent.
Technical Analysis and Important Conditions
Famous cryptocurrency trader Ali MartinezAccording to the chart shared by Dogecoin on social media platform X, one of the two conditions for Dogecoin to achieve this rise was met. Accordingly, Dogecoin, Relative Strength Index (RSI) has broken the falling trend line on the daily chart. This breakout shows that demand for the memecoin is increasing. “Dogecoin’s RSI indicator is breaking the falling trend line, signaling an increase in demand,” Martinez said.
The second condition is that DOGE turns the $0.11 price level into a support level. Since this level has not been permanently breached yet, the possibility of an increase has not been fully confirmed. A solid support above this level could support the rise of memecoin in the short term.
Price Performance of Dogecoin
DOGEThe price of is currently trading at around $0.1071. It tested the $0.11 level last Saturday but failed to hold above that level. In the last 24 hours, DOGE opened at $0.1063, fell to $0.1040 and then rose to $0.1091.
Over the past seven days, DOGE has gained 4.51 percent, while it has fallen 4.80 percent in the past month. Despite recording a 73.64 percent increase since September of last year, it has been outperformed by rival memecoins such as WIF, PEPE, and BONK in terms of returns.
Accumulation Trends and Technical Indicators
Dogecoin accumulation has been on an upward trend since March this year and has been showing a steady increase in the short term. Slope of the accumulation curveindicates that this trend could continue in the near future. However, for this to happen, a significant increase in purchasing volume is required.
DOGE price action according to technical indicators Bollinger BandsIt is located in the upper region of . The approach of the upper and lower levels of the bands indicates that volatility has decreased and a price breakout may occur soon.
Dogecoin’s current technical and fundamental indicators point to a potential price move. Confirmation of the $0.11 level as support could boost investor confidence and push the price higher. However, it should be noted that factors such as market conditions, general investor sentiment, and trading volumes will also play an important role in this process.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
