- Crypto Tony believes meme coins could rally if DOGE can achieve a daily close above $0.07.
- At press time, DOGE was trading hands at $0.06886 after it saw its price rise by 0.33%.
- Technical indicators suggested that DOGE could climb to as high as $0.077 in the coming week.
Well-known crypto trader and investor Crypto Tony predicted on Twitter yesterday that a meme coin rally could be around the corner. According to the trader, if Dogecoin (DOGE) can achieve a daily close above $0.07, it will be “show time for the bulls,” and meme coins will rise again.
$DOGE / $USD – Update One daily close above 0.07c and it is showtime for the bulls and the #Memecoins will rise again pic.twitter.com/apTkMdqPM9— Crypto Tony (@CryptoTony__) July 4, 2023
Although the majority of cryptos were trading in the red at press time, DOGE was able to see its price rise over the past 24 hours of trading. The crypto market tracking website, CoinMarketCap, indicated that DOGE was trading hands at $0.06886 after it saw its price rise by 0.33%.
This meant that DOGE was trading a bit closer to its daily low of $0.06792 than its 24-hour high of $0.07142. The meme coin’s price increase also meant that its weekly performance was still firmly rooted in the green zone at +5.26%.
Furthermore, DOGE’s 24-hour trading volume rose by almost 50%, which had it standing at around $446 million. The meme coin’s market cap of $9,642,168,317 meant that it was ranked as the eighth biggest crypto. This placed it right behind Cardano (ADA) in the seventh spot.
Daily chart for DOGE/USD (Source: TradingView)
From a technical perspective, DOGE had printed higher lows over the past few weeks to trade at its current level. Furthermore, a significant bullish flag was triggered on DOGE’s daily chart, as the 9-day EMA crossed above the 20-day EMA line on Saturday. Since then, the two technical indicators have acted as support for the crypto’s price.
Should DOGE close a daily candle above the $0.07 resistance in the coming few days, then it may rise to as high as $0.0770 in the following week. Continued buy pressure could elevate the meme coin’s price to the next major resistance level at $0.0830.
On the other hand, if DOGE is unable to close a daily candle above the aforementioned $0.07 level by 17 July 2023, then it may be at risk of falling down to the 9-day EMA line. In this scenario, DOGE’s price could drop to as low as $0.0671.
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