One of the most popular memecoins in the market is rising aggressively, but the price of Dogecoin may not be able to double, which is a major hurdle. In fact, there is a considerable hurdle standing between the leading meme coin and a massive rise that consolidates its bullish sentiment.
Currently, Dogecoin is trading at $0.0815, up 2.71% in the past 24 hours. However, cryptocurrency analyst Ali Martinez noted that the $0.087 mark is the major hurdle that awaits. Resilience above this mark could mean a huge upward trajectory for the memecoin.
What are the obstacles to Dogecoin's price doubling?
In the history of the digital asset space, few tokens are as well-known as Dogecoin. Created as a meme of Bitcoin, the asset quickly became a viable competitor in the market. It subsequently created its own subset of digital assets – memecoins.
Now, amid the positive sentiment towards digital assets, a bigger rally could be in the cards. In fact, if Dogecoin were to overcome a major obstacle holding it back, its price could double.
Specifically, Martinez noted the convergence of the 0.786 Fibonacci level with the 100-week and 200-week exponential moving averages (EMAs). He then noted that “breaking this barrier opens the door for DOGE’s price to nearly double,” continuing its positive momentum.
In addition, Martinez pointed out that the target after the breakout is $0.14. Moreover, this progress comes as the asset recently observed 5 million DOGE addresses. This news solidifies the popularity of the overall asset and its continued influence in the market.
Dogecoin also reportedly saw a surge in daily activity, noting that its performance was generally full of positive sentiment. The $0.87 barrier is certainly a difficult hurdle to surpass, but not impossible. Over the past seven days, Dogecoin has seen a 11.02% increase in value and an 18.97% increase in monthly chat volume. Subsequently, the likelihood of overcoming this barrier has been strengthened.
