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Dogecoin's (DOGE) price could lose a zero as a crucial metric has teased this possibility. This positive signal, the Bollinger Bands, comes as the king of meme coins is up by over 2.10%. This uptick is closely mirroring the broader market recovery of 2.98% gain led by Bitcoin.
Dogecoin eyes $0.10 breakout as upside targets expand
CoinMarketCap data shows that Dogecoin is currently changing hands at $0.09691, which represents a 3.94% increase in the last 24 hours. DOGE climbed from an intraday low of $0.09308 to hit its current level as the leading digital coin, Bitcoin, to which it is coupled, recorded an upward gain.
Despite the upward movement, trading volume remains down by a massive 51.38% at $1.93 billion. The meme coin’s Relative Strength Index (RSI) figures stand at 33.14, indicating oversold conditions. This might support a volume recovery given the Bollinger Bands outlook.
Notably, Dogecoin’s Bollinger Bands suggest the meme coin could break out in price and eliminate one zero to reclaim the $0.10 level. The chart shows that the oversold condition has weakened the bearish momentum, and a reversal is likely.
This development might trigger a bullish reversal, which could see the price rebound to between $0.11 and $0.15. This represents an upside of approximately 29%. Bullish optimists predict Dogecoin could soar to as high as $0.30 in the long term if current momentum is sustained.
However, the asset needs to battle the broader crypto market volatility that has kept Bitcoin below $70,000 in the last 96 hours.
It is worth mentioning that Dogecoin was on the verge of ending a four-month sell-off streak in January 2026. However, despite its potential, it ended closing 6.68% in the red as a result of broader market fluctuations.
If the Bollinger Bands signal holds true, Dogecoin could attempt to end this bearish trend in February. It still needs to overcome its historical negative closing for the month. As per CryptoRank data, DOGE has a monthly average of -2.67% for February.
Market volatility could shape DOGE's February outlook
In order for Dogecoin to soar, broader market triggers are critical. The meme coin, which has always relied on hype and support, could hit new levels depending on developments in its ecosystem.
For instance, when Tesla CEO Elon Musk recently confirmed he is likely to get Dogecoin to the moon, the community reacted with excitement. The message from Musk triggered a brief 2.39% recovery in the price of DOGE.
Such positive sentiments supported by bullish metrics might serve as catalysts for an upward movement in price.
Tomiwabold Olajide
Godfrey Benjamin
Caroline Amosun