Dogecoin Could Hit $0.1 Soon! DOGE To The Moon?

The market leader, Bitcoin price, successfully broke out of its resistance level of $44,000 during the early trading hours today, resulting in a market pump. The Memecoin category leader, Dogecoin, has recorded a jump of 10% in value within the past day, highlighting the possibility of achieving $0.1 soon.

The DOGE price traded in a consolidated range between $0.06562 and $0.07129 for twelve days, following which the market gained momentum and the price broke out of the range.

The rally was short-lived as the Memecoin faced rejection at $0.07675, after which the price traded sideways for a while, followed by a breakout in its price.

After recording a jump of 12%, the Doge price faced restriction at $0.08039. Dogecoin then displayed significant price volatility in its chart for a week. During this period, the price constantly bounced between $0.07129 and $0.08677.

Following the third failed attempt to break down its crucial support level of $0.07129, the bulls regained power and recorded a jump of 8% in value. The price then traded in a closed space between $0.07675 and $0.08039 for a while.

Dogecoin price then displayed a constant rise in its chart till $0.08677, where it faced minor fluctuation in its value. The bulls held the price strong at that level, resulting in a bounce back.

Recently, the price successfully broke out of its key resistance level at $0.09497, indicating a rising bullish sentiment in the market. Further, Dogecoin heads toward its target price of $0.1, of which the outcome is uncertain.

Will The DOGE Price Hit $0.1 Soon?

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating an increased buying-over-selling pressure in the market. Further, the averages show a sharp rise, suggesting the price to continue gaining value this week.

If the bulls continue to gain power, the price will test its target price of $0.1 today. If the market maintains the price at that level, it will continue to rise and attempt to test its upper resistance level of $0.1050 by the week ahead.

Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level of $0.09497 soon. Moreover, if a trend reversal occurs, the DOGE price will experience a plunge in its value and prepare to test its lower support level of $0.08677 in the coming days.