The world’s largest memecoin, Dogecoin 
$0.387506 (DOGE), stands on the brink of a substantial rise as the cryptocurrency market enters a recovery phase. According to analysts, if the memecoin can surpass the $0.11 mark and maintain that level, its price could potentially increase by up to 45%.
Technical Analysis and Critical Conditions
Renowned cryptocurrency trader Ali Martinez shared a chart on social media platform X, indicating that Dogecoin needs to meet one of two conditions to achieve this upward movement. The first condition is that Dogecoin breaks the falling trend line of the Relative Strength Index (RSI) on the daily chart, which signals an increase in demand for the memecoin. Martinez noted, “The RSI indicator for Dogecoin has broken the falling trend line, indicating a rise in demand.”
The second condition requires DOGE to convert the $0.11 price level into a support level. As this level has not yet been permanently surpassed, the potential for a rise is not fully confirmed. Establishing solid support above this level could facilitate the short-term increase of the memecoin.
Dogecoin’s Price Performance
Currently, DOGE’s price hovers around $0.1071. It tested the $0.11 level last Saturday but could not sustain above that mark. Over the past 24 hours, DOGE opened at $0.1063, dipped to $0.1040, and subsequently rose to $0.1091.
In the last week, DOGE recorded a 4.51% increase, while it experienced a 4.80% decline over the past month. Although it has seen a 73.64% rise since September of last year, it has underperformed compared to rival memecoins like WIF, PEPE, and BONK in terms of returns.
Savings Trends and Technical Indicators
Dogecoin accumulation has been on an upward trend since March of this year, showing steady growth in the short term. The slope of the accumulation curve suggests that this trend may continue in the near future, but a noticeable increase in buying volume is necessary for this to materialize.
Looking at the technical indicators, DOGE’s price movement is positioned in the upper region of the Bollinger Bands. The convergence of the upper and lower band levels indicates reduced volatility and suggests that a price breakthrough may occur soon.
The current technical and fundamental indicators for Dogecoin point to potential price movements. Confirming the $0.11 level as support could enhance investor confidence and allow the price to reach higher levels. However, it is essential to consider that market conditions, investor sentiment, and trading volumes will also play significant roles in this process.
