Dogecoin (DOGE) Price Nears Critical Resistance: A Breakout Could Ignite a Bullish Explosion, Analyst Warns
The price of DOGE is approaching two major resistance levels that could determine where it goes next. Veteran analyst Ali shared a chart on X (formerly Twitter) that has drawn the attention of the crypto community.
In his post, Ali stated, “ DOGE is facing two key resistance walls at $0.18 and $0.21. Breaking through both could be the catalyst for the next major bull rally,” his analysis accompanied a price chart suggesting that clearing these levels may trigger a major rally. At writing, DOGE sits at $0.1712.
About 30.3 billion DOGE, or 20.38% of the supply, was purchased at $0.073, according to on-chain data. If Dogecoin experiences downward pressure, buyers may step in at this level, which might act as a price floor.
Meanwhile, around 11.8 billion DOGE (7.97%) was exchanged at $0.177, while 10.4 billion DOGE (7.04%) changed hands at $0.206. Some investors may decide to sell at these levels, which are resistance zones. Bullish sentiment may intensify if Dogecoin price can successfully break beyond $0.18, raising the possibility of testing $0.21.
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According to Ali’s analysis, a break over $0.21 can act as a trigger for an upward movement. DOGE has previously struggled to keep momentum above this range, according to historical price trends. However, a breakout could result in further gains if buying pressure increases and volume rises.
Traders and investors are closely keeping an eye on these levels as DOGE price consolidates. A successful breakout might pave the way for additional price growth, while a rejection at resistance might lead to a retest of lower support.
Investor sentiment and market trends continue to impact Dogecoin’s price movement. Market participants are waiting for confirmation of the next major trend, with resistance barriers containing upward movement and strong accumulation zones offering support.
As the token is trading close to important levels, a clear move over $0.21 could shift opinion in favor of buyers. On the other hand, if resistance is not overcome, there may be more consolidation or a pullback to lower price levels. Price activity is still being evaluated by market observers for possible opportunities.
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