DOGE price could record a 40% profit if this level is breached
- The price of DOGE is up 3.34% over the past 24 hours, according to CoinMarketCap.
- DOGE price has been in a narrow range for the past few months.
- A 23% profit could be on the cards if DOGE price breaks $0.0946.
The cryptocurrency market tracking website, CoinMarketCap, shows that the (DOGE) price has increased by 3.34% in the past 24 hours. This takes the price of the meme coin to $0.07784 at the time of publication.
DOGE has been in a tight range for the past few months. However, the recent sweep of the lower range was a buy signal for traders who had identified the opportunity – helping them to recoup recent losses. Currently, the meme coin is rolling to continue this trend of moving higher.
In the past four months, the price of the altcoin has been stuck between overbought at $0.0946 and oversold at around $0.0705. However, the coin’s price fell below this range in early March, but managed to recover above the lower end of the range in the week that followed.
The sustained bullish narrative of the cryptocurrency market leader (BTC) could fuel a rally for DOGE price which will retest the aforementioned overbought $0.0946 level. If this happens, it would account for 23% of DOGE holders.
In an intense bullish scenario, DOGE price might try to extend this move and mark the $0.106 barrier. This will earn you 40% meme currency.
Something DOGE investors and traders should note is that the number of addresses that joined the Dogecoin network doubled from 15,000 to 30,000 between March 1st and March 8th. However, that number has since dropped to close to 16,000. However, there has been an increase in the number of Dogecoin addresses – supporting the bullish theory.
Although things look bullish on DOGE price, the oversold breakdown at $0.0705 will invalidate the bullish theory.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
DOGE post price could make 40% profit if this level is breached for the first time in Coin Issue.