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Dogecoin ($DOGE), the king of meme coins, has shown the potential to register a 60% price jump. The meme coin’s Bollinger Bands suggest that the $DOGE price could soar to $0.15 if broader cryptocurrency market conditions align with the metric.
Dogecoin’s oversold signals strengthen reversal case
Market data reveals that although the price is currently down, Dogecoin could climb from the $0.9 zone to as high as $0.15. As per the Bollinger Bands, the lower bands are hovering between $0.8683 and $0.9313. The upper band lies at $0.1356, which signals that the meme coin has the potential for higher price levels.
Notably, if Dogecoin can shed a zero and reclaim the $0.10 level, as signaled by the Bollinger Bands, the meme coin could attempt a higher breakout. With Dogecoin already in oversold conditions and bearish momentum weakening, the meme coin could post a reversal and push higher.
As of this writing, Dogecoin is changing hands at $0.09347, representing a 4.69% decline in the last 24 hours. The meme coin had previously hit an intraday peak of $0.09844 as it raised anticipation that it could maintain momentum to reclaim $0.10.
However, a broader market sell-off and Bitcoin’s decline exerted pressure on altcoins, including Dogecoin. If this risk sentiment fades on the broader crypto market and Bitcoin regains its bullish climb, it could rub off on Dogecoin. This is because the meme coin is coupled to the leading digital crypto asset.
On the positive side, Dogecoin’s technical structure shows the Relative Strength Index (RSI) at 33.34, which clearly indicates oversold conditions. The selling pressure is likely to ease at any time now, and this could trigger upward price movement.
Additionally, if $DOGE’s trading volume is able to exit the red zone, the development could spark a rally toward the projected $0.15 level. Currently, volume is down by 19.43% at $947.29 million.
$DOGE whale activity and volume could shape next move
Interestingly, over the weekend, Dogecoin’s price jumped by 6% as more than 203.56 million $DOGE hit Robinhood.
As per the report, an unknown wallet moved the meme coin worth over $20.06 million in a move that reversed the asset’s downward trend.
The meme coin has also shown potential at the close of January, with a 4,537% surge in spot flows. The surge suggests a likely expansion in the price outlook of Dogecoin, which might support its journey to $0.15.
