When it comes to the digital asset scene, few tokens hold as much fame as Dogecoin. Originally born as a playful riff on Bitcoin, it quickly carved its own space in the market, becoming what we now know as a ‘meme coin.’
And guess what? There’s a buzz in the air suggesting that Dogecoin might be gearing up for something big. Yep, word on the street is, if it tackles this one major challenge it’s facing, Dogecoin could potentially double its price.
According to Martinez, the big deal here is the convergence of a couple of key indicators: the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages (EMA). Martinez thinks that if Dogecoin manages to break through this barrier, it might just pave the way for a near doubling of its price, keeping that positive momentum going strong.
Martinez also points to a target price of $0.14 after such a breakthrough. What adds weight to this idea is the recent surge in Dogecoin’s popularity, with the count of DOGE addresses hitting 5 million. This basically screams that Dogecoin’s still a big player and has a solid grip on the market.
There’s been chatter about Dogecoin showing increased daily activity too, riding high on the wave of positive vibes about its performance. True, hurdling over the $0.87 mark won’t be a walk in the park, but hey, nothing’s impossible, right? Over the past week, Dogecoin’s value shot up by 11.02%, and on a monthly scale, it’s clocked an impressive 18.97% increase. All signs seem to point to the potential for overcoming this hurdle
