Technical analysis suggests Dogecoin (DOGE) is primed for a significant price breakout, with indicators pointing to a potential rally of up to 30%. According to the Bollinger Bands signal, a rebound appears imminent, which could propel the leading meme coin to surpass the $0.16 price level if market conditions remain favorable.
Key technical levels show a clear path for a 30% move. Data from CoinMarketCap reveals Dogecoin's lower Bollinger Band at $0.1226, with the upper band positioned at $0.1554. The approximate 30% difference between these bands represents the potential upside target if DOGE experiences a full breakout. The asset's price action has already shown bullish momentum, climbing from a 24-hour low of $0.1207 to a high of $0.1285. At press time, DOGE was trading at $0.1257, marking a 3.36% increase on the day.
Supporting metrics align with the bullish thesis. Trading volume has surged by 5.39% to $1.38 billion, indicating renewed investor interest coinciding with a broader crypto market recovery of 1.79% over the same period. Furthermore, the Relative Strength Index (RSI) reading of 40.3 suggests that bearish pressure is easing, potentially allowing the current rebound to sustain itself.
The positive outlook is bolstered by a recovering market where Bitcoin is also climbing. On-chain analytics platform Santiment recently highlighted Dogecoin as one of the crypto assets generating significant hype among traders, which could provide additional support for its upward trajectory. The convergence of these technical signals, rising volume, and improving market sentiment paints a picture of a meme coin on the verge of a major price movement.
