DOGE’s Price Could Post a 40% Gain if This Level Is Breached
The crypto market tracking website, CoinMarketCap, shows that the price of Dogecoin (DOGE) has risen 3.34% over the last 24 hours. This takes the meme coin’s price to $0.07784 at press time.
DOGE’s has been in a tight range for the past few months. However, the recent sweep of the range low was a buy signal for traders who identified the opportunity – helping them to recover recent losses. Currently, the meme coin is coiling up to continue this trend to move higher.
In the last 4 months, the altcoin’s price has been stuck between the buying climax at $0.0946 and the selling climax at around $0.0705. The coin’s price did slip below this range in early March, however, but was able to recover above the lower limit of the range in the week that followed.
A continued bullish narrative for the crypto market leader, Bitcoin (BTC), could fuel the rally for DOGE’s price which will retest the aforementioned buying climax of $0.0946. Should this happen, it would constitute a 23% for DOGE holders.
In an extreme bullish scenario, DOGE’s price could attempt an extension of this move and tag the $0.106 hurdle. This would result in a 40% gain for the meme coin.
Something that DOGE investors and traders should note is that the number of addresses joining the Dogecoin network has doubled from 15,000 to 30,000 between March 1 and March 8. However, this number has since dropped to approximately 16,000. Nonetheless, there has been an increase in the number of Dogecoin addresses – supporting the bullish thesis.
Despite things looking optimistic for DOGE’s price, a breakdown of the selling climax at $0.0705 will invalidate the bullish thesis.
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