DOGE’s Price Can Double If It Breaks Through This Major Hurdle

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The post DOGE’s Price Can Double If It Breaks Through This Major Hurdle appeared first on Coinpedia Fintech News

Cryptocurrency analyst and trader Ali, known on the X social media platform, recently shared insights on Dogecoin’s potential for reaching a new high at $0.14 per coin. Ali presented a Dogecoin chart along with his professional opinion on what the popular meme cryptocurrency needs to achieve this milestone.

Dogecoin May Double Its Price, Analyst Says

Dogecoin is in the spotlight as analyst Ali breaks down the potential for a significant price jump. Ali, a crypto trader, delves into Dogecoin’s weekly chart, uncovering both challenges and opportunities.

According to Ali’s analysis, Dogecoin faces a major obstacle at the $0.087 mark on the weekly chart. This level is critical due to the coming together of key indicators, such as the 0.786 Fibonacci level and both the 100-week and 200-week Exponential Moving Averages (EMAs).

#Dogecoin | On the weekly chart, $DOGE faces a major hurdle at $0.087. This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.

Breaking past this barrier could open the gates for #DOGE to nearly double its price,… pic.twitter.com/ALOUDuwKAy

— Ali (@ali_charts) November 28, 2023

These factors create a strong barrier that Dogecoin needs to overcome to move forward. Ali sees breaking past the $0.087 hurdle as the key to Dogecoin potentially doubling its current price.

With an optimistic target of $0.14, Ali anticipates a substantial price surge if Dogecoin successfully tackles the technical challenges posed by the convergence of Fibonacci levels and EMAs.

Dogecoin Sets New Record for Transactions

Dogecoin is making headlines as its transaction count hits an all-time high. Prominent Dogecoin developer and community influencer @mishaboar shared the exciting news on the X platform, revealing that the DOGE transfer count has reached nearly 1.5 million transactions in the last 24 hours.

Nearly 1.5M transaction on the #Dogecoin network over the past 24 hours. Most of the traffic is connected to dust (very small transaction taking advantage of Dogecoin's low fees and dust limits).

Please note that the Dogecoin network is chugging along just fine and you can… pic.twitter.com/ArDsOLEgcm

— Mishaboar (@mishaboar) November 28, 2023

This surge in transactions began last Friday, surpassing both Bitcoin and Ethereum in this metric. Mishaboar highlighted that a significant portion of this traffic comes from small transfers, as users take advantage of Dogecoin’s network, known for its low fees and generous dust limits.

Meanwhile, the rapid increase in transactions leads to a bigger blockchain, requiring operators to invest more resources into their nodes. This might pose a challenge, especially for those operators who rely on reputable host providers and could end up being costly for them.

DOGE Surpasses BTC and ADA by Important Metric

Earlier this week, prominent on-chain data aggregator Santiment revealed that Dogecoin’s wallet count has increased by 2.52% in the last few days, contrasting with a mere 0.25% growth in Bitcoin wallets and a 0.59% decrease in ADA wallets. The surge in Dogecoin wallets indicates a changing dynamic among cryptocurrency users.

As Dogecoin faces key technical challenges, including the critical $0.087 hurdle, and celebrates record transaction counts, the crypto community eagerly watches its trajectory.

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