Dogecoin (DOGE) on Verge of Major 45% Breakout if This Price Level Is Conquered

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Dogecoin (DOGE) on Verge of Major 45% Breakout if This Price Level Is Conquered

Dogecoin DOGE $0.11 24h volatility: 0.2% Market cap: $15.63 B Vol. 24h: $644.62 M , the world’s largest meme coin by market capitalization, is on the verge of a major breakout as the market undergoes a recovery. While the cryptocurrency has failed to print massive gains like Solana-based on Tron-based meme tokens in this cycle, the leading digital asset is poised for a 45% price gain if the $0.11 price level is captured and held by the altcoin. 

As per a chart posted on social media platform X (formerly Twitter) by prominent crypto trader Ali Martinez, Dogecoin has the possibility to surge a massive 45% if two conditions are met. One of those conditions has been met, and if the second one is also satisfied, there is a significant chance for DOGE to turn bullish in the short term. 

Photo: @ali_charts

As per Martinez, the Relative Strength Index (RSI) for the Dogecoin price action has broken a descending trendline on the daily chart, which shows that the demand for the meme coin has once again surged. At the time of writing, the RSI reads a value of 55.08, which confirms that the bulls are overall in control of the DOGE price action. 

The price of DOGE at the time of publication is around $0.1071. The meme coin captured the $0.11 price level on Saturday but failed to maintain price action above this level. In the past 24 hours, DOGE opened the daily candle at $0.1063 and went to a daily high of $0.1091 after rebounding from a daily low of $0.1040.

It is important to note that the second condition for the 45% price surge hasn’t been met, and until the meme coin doesn’t turn the $0.11 price level into a support zone, the chances of a rally are slim. In the past seven days, DOGE surged 4.51% while dropping 4.80% in the past month. Since September last year, Dogecoin has witnessed a massive rally of 73.64% but has been outperformed by rival meme coins including WIF, PEPE, BONK, and others.

Dogecoin accumulation has been on the rise since March this year, and in the short term, the accumulation has been steadily rising. Moreover, the gradient of the line suggests that the trend might continue in the near future, which means that there still exists a possibility for DOGE to reclaim the $0.11 price level. However, for that to happen, an increase in buying volume is needed. 

Photo: TradingView

The price trajectory of Dogecoin is situated in the upper region of the Bollinger Bands, but the upper and lower ends of the Bands are coming closer, which means that the volatility of the meme coin has dropped. However, this is also an indication that a breakout will be experienced soon.

Dogecoin (DOGE) on Verge of Major 45% Breakout if This Price Level Is Conquered