Dogecoin on Verge of Doubling Up Past Resistance Level

Dogecoin nears historical resistance level, which assisted the canine coin in doubling up during Elon Musk’s $44B Twitter acquisition.

Doge walking in the desert and Doge heads keep multiplying & following him.
Created by Kornelija Poderskytė from DailyCoin
  • Dogecoin recently hit 5M holders, recording a new all-time high.
  • The last time Dogecoin reached $0.14 was amid Musk’s Twitter acquisition.
  • Social confidence in DOGE is at an all-time high upon hitting the $12B market cap.

Dogecoin (DOGE) embarked on a 26% run in the last 30 days, confirming the bullish breakout after a quiet October. The recent uptick catapulted DOGE to trade above 8 cents, a price range unseen since a brief bullish moment in July 2023.

Retesting the $0.08 price range for the sixth time in a month, DOGE has a key barrier to break. DOGE bumped into $0.081 several times since November, facing hefty resistance because many crypto traders can break even at this price range, inducing selling pressure.

On a brighter note, according to the real-time on-chain stats, 63% of total Dogecoin holders are making a profit at the current DOGE price. To tackle the $0.081 resistance, another key factor is Dogecoin’s Moving Average Convergence Divergence (MACD), which is vital in determining the timing of DOGE’s bullish crossover.

Top Analyst Measures DOGE’s Potential to Hit $0.14

Professional crypto chart analyst Ali Martinez has raised some eyebrows upon projecting Dogecoin’s journey to double up in market price. Martinez pointed to the major hurdle at $0.087, a northbound resistance level marked by the convergence of the 0.786 Fibonacci level, which is used to level out the potential of the next price trend reversal.

Martinez shared a graph explaining Dogecoin’s price trading channel to be supported by both the 100-week and 200-week Exponential moving averages (EMA), positioning Dogecoin’s price to retest the $0.087 convergent resistance before taking off for a double-up run.

At press time, DOGE changes hands at $0.0838, with a 2.7% upswing in the last 24 hours. Despite trading in a sideways parallel channel, DOGE’s social sentiment is high. SpaceX’s Doge-1 lunar mission is ready to take off, paying homage to the top dog memecoin and the light-hearted DOGE Army.

The chart depicts DOGE run potential measured by Fibonacci Retracement

On the Flipside

  • Besides technical on-chain parameters, Dogecoin’s probable road to retest $0.14 can be highly influenced by SpaceX’s DOGE-1 mission and other DOGE-related ventures, giving new utility for the memecoin.

Why This Matters

Dogecoin is one of the oldest alternative cryptocurrencies, founded in 2013 as a joke by Billy Markus and Jackson Palmer. DOGE has grown into a vast and active community ever since.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.