Will DOGE Rocket Past $0.30 or Hit a Wall?

• DOGE trades within the $0.25 range.
• The meme coin’s daily trading volume has surged by over 10%.

The crypto market is flashing green, with assets navigating a mix of gains and pullbacks. Meme coins are riding the wave, pushing their market cap to $76.7 billion with a 3.4% surge. Notably, Dogecoin (DOGE), the leading meme coin, has inched up with a modest gain of over 0.47%. 

The recent price pattern of Dogecoin has displayed a mixed signal. Despite the market downturn, crypto analysts had promising forecasts that the meme coin could reach new highs. 

DOGE opened the day trading at $0.2553. The volatile market triggered the price to slip toward a low of $0.2505 and a high of $0.2578. At the time of writing, the meme coin traded at $0.2553, with the market cap reaching $37.83 billion. 

In addition, the market observed a liquidation of $2.70 million worth of DOGE during this timeframe. It is crucial to note the daily trading volume of the meme coin staying at $1.15 billion.

The Ali chart observed that the whales have accumulated 110 million DOGE within the last 48 hours. This reflects the rising holdings of addresses between 10 million to 100 million DOGE. Despite the price volatility, whale accumulation could signal confidence in the meme coin’s potential uptrend.

Will DOGE Break Out or Break Down?

Assuming the meme coin fails to hold the $0.2560 mark, the asset could sharply fall toward the nearby $0.2421 support zone. If a sturdy bearish scenario emerged, DOGE might descend steeper to its former lows at $0.20. 

On the flip side, a bullish resurgence could erase the recent losses. If the meme coin holds the current price level, it could drive the price to $0.2778. The extended gains of DOGE might trigger an upside correction to jump toward $0.30 or above. 

DOGE’s Moving Average Convergence Divergence (MACD) line is above the signal line suggesting the bullish momentum is building. But both the lines are located below the zero line infers a broader downtrend in the market.  

Moreover, the Chaikin Money Flow (CMF) indicator found at 0.01 signals that the market is near the neutral zone with a slight bullish bias. In the meantime, DOGE’s daily trading volume has surged by over 10.21%.

The meme coin’s Bull Bear Power (BBP) value of 0.0029 indicates a neutral to slightly bullish market sentiment. Besides, the daily relative strength index (RSI) at 50.33 pointed out that the asset is neither overbought nor oversold, the price could move in either direction.