Despite Dogecoin’s (CRYPTO: DOGE) spike, cryptocurrency punters doubt the memecoin will clear the $0.10 resistance before July ends.
Will DOGE Breach $0.10?
Polygon (CRYPTO: POL)-based Polymarket currently assigns only 1% chance that DOGE breaches the key level in July, down sharply from 50% only three weeks ago. Beating this would require the memecoin to climb 37% from where it is now.
Meanwhile, the odds that the price would plunge below $0.05 remained low at just 2%, indicating reduced expectations of extreme downside risk.
Will DOGE’s Rally Stall?
The popular dog-themed coin rebounded sharply over the weekend, up about 7%, wiping out all the losses from earlier in the week.
Ali Martinez, a widely followed cryptocurrency analyst and trader, had issued a buy signal for DOGE on Saturday, setting an upside target of $0.16 on the rebound. Since then, the coin has broken above $0.07.
The broader cryptocurrency rebound, following a pause in fighting between the U.S. and Iran, has helped Dogecoin.
The Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a “Buy” signal for DOGE, according to TradingView.
To the contrary, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a "Sell" signal. The Relative Strength Index hovered in the "Neutral" territory.
Price Action: At the time of writing, DOGE was exchanging hands at $0.07270, up 0.37% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Akif CUBUK on Shutterstock.com