The Possibility of a Meme Coin Surge
Prominent cryptocurrency trader and investor, Crypto Tony, recently speculated on Twitter that a rally of meme coins may be imminent. According to his prediction, the trigger for this potential surge would be Dogecoin (DOGE) achieving a daily close above the $0.07 mark. He asserted that surpassing this threshold would usher in the “bulls’ showtime”, paving the way for meme coins to ascend.
Despite a majority of cryptos experiencing a downturn at the time of reporting, DOGE managed to display an upward price trend over the last 24 hours. CoinMarketCap’s data showed DOGE was being traded at $0.06886, following a modest 0.33% price increase.
This implies that DOGE was trading closer to its daily low of $0.06792 than its 24-hour peak of $0.07142. DOGE’s incremental price hike ensured its weekly performance remained positive, standing at +5.26%.
DOGE Market Performance and Rank
Moreover, DOGE’s 24-hour trading volume experienced a considerable surge of almost 50%, pushing it to approximately $446 million. With a market capitalization of $9,642,168,317, DOGE currently holds the eighth spot in terms of the largest cryptocurrencies, positioning it just behind Cardano (ADA).
Technical Analysis of DOGE
In a technical analysis context, DOGE has registered higher lows over the previous weeks, culminating in its current trading value. Additionally, a substantial bullish flag was observed on DOGE’s daily chart when the 9-day EMA intersected above the 20-day EMA line on the preceding Saturday. These two technical indicators have since been providing support to the crypto’s price.
If DOGE can close a daily candle above the $0.07 resistance level in the next few days, it might climb as high as $0.0770 within the next week. Persistent buying pressure could elevate the meme coin’s price to the next significant resistance level at $0.0830.
However, should DOGE fail to close a daily candle above the specified $0.07 level by 17 July 2023, it may risk a drop to the 9-day EMA line. Under this scenario, DOGE’s price could plummet to as low as $0.0671.
Disclaimer: The views, opinions, and all the information shared in this analysis are published in good faith. Readers must carry out their own research and due diligence. Any action taken by the reader is completely at their own risk. The author and any associated parties will not be held liable for any direct or indirect damage or loss.
