The price of Dogecoin (DOGE) is rising, outpacing other meme coins in the market, as the positive ripple effect of the ongoing Bitcoin (BTC) rise continues to support altcoins. Shiba Inu (SHIB) and Floki Inu (FLOKI) are two meme currencies that are behind DOGE, with the latter claiming increases in launch-induced hype of over 30%.
Dogecoin’s value may increase by 10%.
The price of Dogecoin (DOGE) has increased by over 25% just this week after bouncing about the $0.0569 support floor. Rising momentum is driving the push north, and as long as investors’ appetite for selling stays in control, it shows no indications of abating.
If momentum keeps increasing, the price of Dogecoin might rise by 10% and surpass the supply zone, which is between $0.0755 and $0.0807. If this supply barrier is turned into a bullish breaker, DOGE may be able to reach the $0.0815 resistance level.
In an extremely bullish scenario, the gains might continue until Dogecoin gathers sell-side liquidity, at which point the price might approach the psychological levels of $0.0885 and $0.0900. This would represent a 30% increase over the present levels.
Dogecoin is rising at a rate of 73% in tandem with Bitcoin (BTC), the leading cryptocurrency, and is on track to reach $35,000 soon.
The average transaction size has been steadily increasing, which supports the positive view. As of the time of publication, the data shows a 24% increase in the last seven days, from $12,552 to $42,327. This measure illustrates the amount of money that DOGE traders are spending, and the 24% increase indicates that higher price volatility for Dogecoin is to be expected. This validates the 10% price increase potential for Dogecoin.
However, a rejection from the supply zone (the red-marked order block) can cause the price of Dogecoin to drop. In the worst-case scenario, DOGE might break through the support to retrieve buy-side liquidity that is resting beneath it, or it might give up all the ground it has covered in order to revisit the floor price of $0.0569.