The crypto space has been experiencing a roller coaster ride since the beginning of the month. The major crypto assets have remained stuck within very narrow regions, and the new tokens have displayed acute strength. Meanwhile, the DOGE price is closely accumulating within a restricted region, but the upcoming price action appears to be misty.
Dogecoin recently launched its version of Bitcoin ordinals amid the ongoing hype of the BRC-20 tokens called ‘Doginals’. Soon after the DRC-20 standard was launched, the daily transactions propelled highs, marking levels not seen in recent times.
The daily transactions surged to 1.12 million from levels around 200K during the last trading day, marking a jump of more than 5,500%. These ordinals are nothing but NFTs on Dogecoin, much like the BRC-20s which are NFTs on Bitcoin. Recently, Litecoin also launched its own LRC-20 standard, which impacted the price to a large extent. Unfortunately, the DOGE price continues to remain within the same contracted region.
The DOGE price is trading along the lower trend line and is currently triggering a rebound from the lows. After a notable flip, the price is now believed to reach the 0.236 FIB level someplace above $0.081. Once the bulls sustain above these levels, then the rally may maintain a significant upswing to rise and reach the upper targets and may also probably slash a zero from its price gaining the levels above $0.1.