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Dogecoin (DOGE), the king of the meme coins, appears set for a rally that could see its price soar by up to 30%. As per the Bollinger Bands signal, a rebound is imminent, and it could see DOGE soar to over $0.16 if market indications align.
Bollinger Bands indicate Dogecoin could target $0.16
According to CoinMarketCap data, Dogecoin’s lower Bollinger Bands show the meme coin’s price at $0.1226, while the upper bands sit at $0.1554. If market forces align and ecosystem bulls support the meme coin, a rally is possible.
Notably, the difference between the lower and upper Bollinger Bands is approximately 30%. Thus, if DOGE breaks by at least this percentage, the asset could climb over $0.16.
Within the last 24 hours, Dogecoin has climbed from a low of $0.1207 to $0.1285. This suggests that the meme coin is in a bullish mode and could continue on this momentum. As of press time, Dogecoin is changing hands at $0.1257, which represents a 3.36% increase within the period.
The trading volume has also soared by 5.39% to $1.38 billion as investors rekindle interest in the meme coin amid a market rebound. The crypto market is posting a notable recovery and has climbed by 1.79% in the last 24 hours.
Dogecoin’s current price is an improvement from the last 24 hours, when it dropped to $0.1226, which triggered 2,563% in liquidation. The development caused significant losses for bullish traders, causing concerns for investors.
RSI shows bearish pressure easing for Dogecoin
Meanwhile, technical indicators indicate that the bearish momentum is flattening. The asset’s Relative Strength Index (RSI) is at 40.3, which signals that the meme coin might sustain the current rebound moves.
Dogecoin has been signaling bullish moves this January, with investors betting on a rally. With the broader crypto market rebound showing recovery and Bitcoin also climbing, DOGE is likely to achieve the $0.16 price zone if volume continues to soar.
As U.Today reported, on-chain analytics platform Santiment highlighted Dogecoin as one of the crypto assets generating hype among traders. Such a development amid a broader recovery is likely to act as support for Dogecoin's bullish rise.
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