The Dogecoin price is targeting the $0.15 price level having successfully retested the $0.105 support level.
The Dogecoin price could surge to $0.15 soon enough as it continues to hold above the crucial support level at $0.015. Dogecoin analyst Kevin Capital recently suggested that the foremost meme coin will rise higher if it holds $0.105 as support. Meanwhile, DOGE could witness some resistance between $0.13 and $0.14 as it looks to break out to the upside.
Dogecoin Price Set For A Rally To $0.15
DOGE is set to rally to $0.15 following a successful retest of the $0.105 price level as support. Kevin stated in an X post that the meme coin will continue to move to the upside if it holds above this price level. He described this price level as the ‘lines in the sand’ currently, suggesting that the top meme coin cannot afford to drop below this support level if it is to continue its uptrend.
There is also the Bitcoin factor, as the analyst highlighted $60,000 as the price level at which the flagship crypto must stay above for prices to keep trending upward. IntoTheBlock data shows that Bitcoin and Dogecoin prices have a strong positive correlation. Therefore, the meme coin risks a significant price drop if BTC drops below $60,000.
Meanwhile, DOGE could also face significant resistance between $0.13 and $0.14. Crypto analyst Crypto Yapper stated that the meme coin has already been rejected at this critical horizontal level. He further suggests that this will be the major price range that DOGE will need to break as it rises to $0.15.
Network Growth Supports A Price Rally
Crypto analyst Ali Martinez shared IntoTheBlock data showing that the Dogecoin network has experienced significant growth over the past week. This provides a bullish outlook for the Dogecoin price. The analyst stated that there has been a 72% increase in the number of new DOGE addresses. He added that 19,630 new addresses were created on September 30.
This notable surge in Dogecoin’s new addresses could be related to the recent plans to enable smart contracts on the network. QED protocol announced its partnership with Nexus to launch a zero-knowledge virtual machine (zkVM) on the network. Enabling smart contracts on the network will increase decentralized finance (DeFi) activity. As such, these new addresses could have been activated in anticipation of the launch.
Meanwhile, Dogecoin’s large transactions have surged, indicating an accumulation trend among DOGE whales. IntoTheBlock data shows that 7.83 billion DOGE coins have been traded in the last 24 hours. This is significant considering how these whales could contribute to the Dogecoin price rally.
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