Dogecoin’s Value Could Increase 40% If This Level Is Broken By CoinEdition


Dogecoin’s Value Could Increase 40% If This Level Is Broken
  • CoinMarketCap reports that the value of DOGE has grown 3.34% in the past 24 hours.
  • The price of DOGE has remained in a narrow range for the last couple of months.
  • A 23% surge may be on the horizon if DOGE breaks the $0.0946 level.

Data from the cryptocurrency tracking website CoinMarketCap reveals that Dogecoin (DOGE) has increased in worth by 3.34% in the last 24 hours, taking its price to $0.07784 as of press time.

The value of DOGE has been constrained by a tight range for the last few months. But the recent break of the lower boundary of this range has been a great buying opportunity for traders, helping them to regain some of their prior losses. At present, the meme coin is consolidating in preparation for a move higher.

Over the past four months, the altcoin’s price has traded between the buying climax of $0.0946 and the selling climax at around $0.0705. Though the coin did dip below the lower end of this range in early March, it was able to recover back above the $0.0705 mark in the week that followed.

A continued bullish trend for crypto market leader Bitcoin (BTC) could potentially help DOGE’s price to retest the buying climax of $0.0946, leading to a 23% gain for DOGE holders. In an even more optimistic scenario, the meme coin could surge to the $0.106 level, an increase of 40%.

It’s worth noting that the number of Dogecoin addresses has doubled from 15,000 to 30,000 between March 1 and March 8, though this number has dropped to approximately 16,000 since then. Nonetheless, the overall number of Dogecoin addresses has increased, which gives further credence to the bullish outlook.

However, if DOGE’s price fails to break the $0.0705 level, it would invalidate the bullish thesis.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Dogecoin’s Value Could Increase 40% If This Level Is Broken appeared first on Coin Edition.

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