Can Dogecoin Reach $10 as It Approaches Ripple's XRP in Coin Rankings?
Dogecoin fell 2.5% to $0.1579 in 24 hours as the crypto market was unchanged.
DOGE is down 3.5% in a week and 2% in a month, but the meme currency has gained 115% in a year.
Dogecoin is $6 billion away from surpassing XRP in the market cap rankings, which has stalled this year while Ripple awaits its SEC settlement.
As the market gets more positive, meme tokens may gain popularity, which might boost Dogecoin prices.
DOGE's loss today implies the currency is further into oversold territory, which is good since it offers a chance to purchase the dip before a comeback.
Its relative strength indicator (purple) dropped from about 70 yesterday to 40 today, but it might fall more before things improve.
Since DOGE's 30-day average (orange) has been below the 200-day (blue) for much of the past week, the currency seems to have suffered enough and could rise shortly.
Encouragement is also seen in the alt's resistance (red) and support (green) levels triangulating, reaching a pinch point that frequently leads to large swings.
Due to limited volume, one whale purchase might send Dogecoin prices soaring.
Based on past performance and market trends, many traders feel DOGE has tremendous potential.
Famous GameStop trader Keith Gill (AKA Roaring Bunny) was caught buying $180 million in the retailer's shares yesterday.
This boosted GameStop bullishness and may boost meme token demand like Dogecoin.
Since inflation is falling in several countries, including the UK and EU, the following months may offer more positive.
Rate decreases should increase investor appetite.
This may boost Dogecoin to $0.2 by summer and $0.4 by 2024.
