Breaking Barriers: Dogecoin Could Double If Key Resistance Crumbles – Analyst
Release: 2024/05/29 07:04 Reading: 664
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=610274
Dogecoin (DOGE) Faces Critical Resistance
Dogecoin (DOGE) is currently at a pivotal juncture, confronting substantial resistance levels that could significantly impact its future price trajectory. Crypto analyst Ali highlights a critical resistance zone on DOGE's chart. Despite the asset' currently facing a price decline, Ali noted that should the Dogecoin price break above this key resistance, we could see a massive rally for the memecoin.
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DOGE's Decisive Battle: Overcoming Critical Resistance for Potential Price Surge
In a post published on May 28, Ali highlighted a critical resistance zone between $0.166 and $0.171, notably bolstered by the collective holdings of approximately 10 billion DOGE held by 75,500 addresses. This significant aggregation of Dogecoin at these specific price points forms a strong barrier, complicating the asset's ability to surge in value. Ali posits that if Dogecoin can effectively surpass this resistance, it may trigger a substantial price surge. Breaking through this level could lead to doubling its current price, setting the stage for an assault on the next major resistance mark at $0.322.
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Other Predictions And Market Sentiment Around Dogecoin
Despite the immediate challenges, some analysts remain optimistic about Dogecoin. Mags, a noted crypto analyst, has recently predicted a potential 700% increase in Dogecoin's price, propelling it above the $1 mark. This bullish forecast is supported by recent improvements in Dogecoin's on-chain metrics, suggesting a robust recovery and promising prospects for the meme coin.
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Featured image from DALL·E, Chart from TradingView
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