One of the most popular meme coins on the market is amid a positive rally, with one major hurdle keeping Dogecoin from possibly doubling its price. Indeed, one rather large obstacle stands in between the leading meme coin and a massive run that would solidify its bullish sentiment.
Currently, Dogecoin is trading for $0.0815 and is up 2.71% over the last 24 hours. However, crypto analyst Ali Martinez has pointed out the major hurdle that awaits at the $0.087 mark. Resiliency beyond that mark could mean a massive upward trajectory for the meme coin.
One Hurdle Stands in the Way of Dogecoin Price Doubling?
Within the history of the digital asset sector, few tokens are as well known as Dogecoin. Created as a meme of Bitcoin, the asset quickly established itself as a viable contender within the market. Subsequently, it created its very own subsect of digital asset, the meme coin.
Now, amid positive sentiments for the digital asset, there could be a far greater rally in-store. Indeed, Dogecoin could be set to double its price if it were to overcome one major hurdle standing in its way.
Specifically, Martinez notes the convergence of the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages (EMA). Subsequently, he notes that “breaking past this barrier cold open the gates for DOGE to nearly double its price,” continuing its positive momentum.
Moreover, Martinez noted that the aiming target after such a breakthrough would be $0.14. Additionally, the development arrives as the asset has recently observed 5 million DOGE addresses. The news solidifies the prevalence of the overall asset and its continued reach within the market.
A surge in Dogecoin’s daily activity was also reported, noting the overall positive feelings abounding its performance. The $0.87 hurdle is certainly a difficult one to surpass, but it is not impossible. Over the last 7 days, Dogecoin has seen its value jump 11.02%, with the monthly chat showing an increase of 18.97%. Subsequently, reinforcing the possibility for such an obstacle to be overcome.