- Crypto Tony predicts imminent rally in meme coins if DOGE closes above $0.07.
- DOGE exhibits notable price surge, trading at $0.06886 with +0.33% increase.
- DOGE’s trading volume increases by nearly 50%, securing eighth-largest market position.
Prominent cryptocurrency trader and investor Crypto Tony took to Twitter yesterday to offer his prediction of an imminent rally in meme coins. The seasoned trader emphasized that if Dogecoin (DOGE) manages to secure a daily close above the $0.07 mark, it will signal the arrival of a bullish market, propelling meme coins to surge once more.
Despite the prevailing bearish sentiment in the cryptocurrency market, DOGE exhibited a notable price surge during the last 24 hours of trading. According to CoinMarketCap, a prominent platform for monitoring crypto market trends, DOGE was observed trading at $0.06886, reflecting a modest 0.33% increase in its valuation.
DOGE’s trading position was slightly closer to its daily low of $0.06792 than its 24-hour high of $0.07142. Despite this, the meme coin’s price surge has ensured a positive weekly performance of +5.26%, firmly establishing it in the green zone.
In addition, DOGE experienced a significant surge in its 24-hour trading volume, witnessing a nearly 50% increase and reaching approximately $446 million. With a market capitalization of $9,642,168,317, this meme coin secured its position as the eighth-largest cryptocurrency in the market. Notably, DOGE closely trailed behind Cardano (ADA), which held the seventh spot in terms of market ranking.
From a technical standpoint, DOGE has consistently established higher lows in recent weeks, leading to its current trading level. Additionally, a notable bullish flag pattern emerged on DOGE’s daily chart when the 9-day EMA crossed above the 20-day EMA line on Saturday. Subsequently, these two technical indicators have served as strong support levels for the cryptocurrency’s price.
If DOGE successfully surpasses the $0.07 resistance level and maintains a daily candle close above it within the next few days, it can experience an upward movement towards the $0.0770 mark in the subsequent week. Sustained buying pressure could further propel the price of this meme coin towards the next significant resistance level at $0.0830.
However, if DOGE fails to achieve a daily candle closure above the previously mentioned $0.07 threshold by 17 July 2023, there is a potential vulnerability for a decline towards the 9-day Exponential Moving Average (EMA) line. Under this circumstance, DOGE’s price may experience a significant drop, potentially reaching as low as $0.0671.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
