The price of Dogecoin (DOGE), a popular meme-based cryptocurrency, has fallen recently amid broader market pressure. Despite continued bearish momentum reflecting a broader economic correction, DOGE appears to be nearing a plateau.
Analysts suggest that Dogecoin could reap even more gains in the near future due to the current market realignment. There remains optimism that DOGE could inch closer to the coveted $1 mark as market watchers closely monitor the coin’s potential recovery and the evolving cryptocurrency landscape.
Dogecoin price faces major resistance zone
Crypto analysts shared an X post indicating that Dogecoin price has recently rejected significant resistance levels and is facing significant selling pressure.
Analysts are expecting further tests of this resistance in the coming days, closely monitoring whether the price can break out of this difficult zone.
#Doge rejected from #resistance Facing areas and important aspects #sale There’s pressure there. There may be another test of the resistance area in the next few days, so #price It is possible to exceed this level. This is not ideal at this time #Trade Zone, so that’s… pic.twitter.com/aX4DuFqK2V
— Crypto VIP Signal™ (@CryptoVIPsignal) October 26, 2024
The latest DOGE price is trading at $0.1346, down 2.74% in the past 24 hours. This decline reflects the ongoing struggle within the cryptocurrency market as DOGE faces resistance at its recent highs, with DOGE gaining more than 100% attention. Although the price touched $0.1396 at one point, it was unable to maintain the upward momentum, leading to a downward revision.
Will DOGE reach $1 by the end of the year?
In recent weeks, Dogecoin’s price has increased by 17%, marking a staggering 81% year-over-year increase. This resurgence has fueled optimism that DOGE could break above the current resistance level at $0.20 if the bullish momentum continues.
If this upward trend holds, Memecoin could even revisit its all-time high of $0.7376, where it ultimately fell more than 81% after its price surge on May 8, 2021.
Rising meme coins, whale activity, and the potential for Bitcoin to rise above $70,000 could push Dogecoin’s price further higher. If these factors align, DOGE price predictions could realistically aim for the $1 milestone by the end of this year, marking a pivotal moment for the crypto community and Dogecoin investors.
Dogecoin’s daily technical indicators reveal a cautiously optimistic outlook as the price stabilizes around $0.13395. After the recent rally, Dogecoin is hovering near key support and resistance levels at $0.12000 and $0.15000, respectively. Buyers are closely monitoring these levels for a potential breakout move while sellers remain cautious.
The Relative Strength Index (RSI) is currently at 58, reflecting neutral to slightly bullish momentum. This decline in the RSI suggests that although buying interest has weakened, there is room for upside if positive momentum resumes.
Dogecoin Price Chart | TradingView
Will Dogecoin price rebound amid whale accumulation?
Whale activity surrounding Dogecoin suggests a potential bullish trend driven by large movements among large holders. Recent data reveals that over $5 million whales have been consistently increasing their stablecoin accumulation, which closely matches DOGE price movements.
As these large holders increase their share of the stablecoin, the price of DOGE increases, indicating possible buying pressure and preparation for future investments.
Source – Santimento
Dogecoin’s price trajectory has the potential for a bullish shift due to factors such as stable whale accumulation, meme coins’ broad rally, and Bitcoin’s resilience. Investor sentiment is trending cautiously optimistic, especially with renewed focus on the $1 milestone as DOGE approaches critical resistance levels
Frequently asked questions (FAQ)
It is possible, but it depends on the breaking resistance level and market adjustments.
Approximately $0.20. If it breaks, it could trigger a bullish trend.
Many traders are selling to take profits here, limiting any upside.
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