The crypto market has faced some notable ups and downs so far in August. Now, the leading meme coin is predicted to potentially make a splash in the coming weeks. Specifically, traders have noted that Dogecoin could be set to make history, with $0.13 standing between DOGE and a new all-time high.
The asset has performed very well in the last week. Specifically, the last seven days have seen the aset surge almost 11%, according to CoinMarketCap. Since this time last year, the asset has increased more than 38% to reach its current $0.106 level. Yet, there could be much more on the way.
Also Read: Dogecoin Surges 7% as Traders See Pathway to $1 DOGE
Dogecoin Eyes $1 as Traders Expect DOGE to Make History in 2024
The first Monday in August was a dark one for crypto. The market saw a massive crash occur driven by notable sell-offs. Derived from geopolitical concerns, US recession fears, and a stock market plummet, plenty of crypto’s were left in a dire state.
However, many have begun to bounce back. Among them is meme coin leader Dogecoin, who many traders note could be eyeing a new all-time high amid an impressive rebound for DOGE. Yet, one key level stands between the token and history.
Although on-chain metrics showcase a clear recovery, technical indicators show signs of a bearish perspective. The token saw a death cross appear Thursday, while its RSI figure stayed at 50. If that figure can help push DOGE above $0.11, it faces a descending trendline that began in early April.
Also Read: Dogecoin Forecasted To Hit $2, Here’s When
That trendline has been a crucial resistance. Moreover, it has seen a rally rejected in both May and July as it is expected to hold firm. The asset is facing a bearish outlook amid that fact, but it can be invalidated at $0.13, which notes a critical moment. The asset has to find a way above that.
If it does, DOGE could threaten the surge to $1 that so many traders have hoped for. Pseudonymous user Cryptorphic took to X (formerly Twitter) to discuss the asset’s potential. Specifically, they noted it maintains the potential to 10x on its way to approaching the dollar mark.
The user states that a breakout above a long-term accumulation channel, trading above the 200 and 100 exponential moving average, and RSI readings show room for growth. Moreover, the meme coin market provides some evidence that the asset class can continue surging throughout this year.