With the leading meme coin setting a record with more than 90 million addresses, Dogecoin could see July’s ongoing rally lead DOGE to target $0.25 in 2024. Over the last 30 days, the token has increased as much as 7%, according to CoinMarketCap. That has some traders optimistic about its performance.
That hope has been countered by a stark reversal for DOGE today. In the last 24 hours, the asset has fallen below the $0.13 level. Moreover, it has faced a drop in trading volume and market cap as its surface-level metrics may appear concerning. Yet, there is still hope that DOGE could be set to surge for the rest of the year.
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DOGE May Weather the Storm to Surge Big in 2024
Dogecoin has continued to be the standard bearer for crypto’s meme coin sector. Despite the massive competition that emerged this year, the token has continued to thrive. It has already increased more than 80% over the course of the last year and could be eyeing some massive gains.
Yet, that will ultimately rely on its resilience. Dogecoin could be set to carry its July gains to a $0.25 target for DOGE in 2024. However, it could also succumb to some concerning context for its potential rise.
Recent daily chart readings have shown a Death Cross form for the meme coin. That pattern takes place when a tokens 50 day SMA crosses below its 200 day SMA. The signal is bearish, and displays a weakening short-term rally that could signal an incoming downward turn.
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Yet, there may still be hope for DOGE. Although there is the potential for it to plummet to six-month lows around the $0.09 mark, that isn’t set in stone. Conversely, many experts have warned that it may leave traders misguided by a false signal. If that is the case, there may still be room for a turnaround at $0.14.
The key level to watch for is $0.128, as that could indicate where DOGE is leaning. Dynamic resistance of EMA bands have been breached, with an RSI showing readings nearing 63. This shows that bulls are still hovering around the crypto.
If those bulls can show interest at the $0.128 level, a resistance would form at $0.17 and then as high as $0.22. That would show a clear path toward the $0.25 level. Especially if the crypto market can sustain positive sentiment from the Ethereum ETF launch and a conclusion to the Ripple and SEC lawsuit.
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