As an experienced analyst, I believe that DOGE is showing promising signs of breaking through the resistance zone around $0.171. The consolidation above this level and the rising wedge pattern suggest that a significant price movement may be on the horizon. However, it’s important to note that potential intermediate resistances at $0.21 and $0.25 could pose challenges to the anticipated rally.
Bitcoin‘s price stabilization above $67,000 for over a week has boosted modest uptrends among major altcoins. Dogecoin, the largest meme cryptocurrency, displays a comparable pattern as it attempts to surmount the resistance level at $0.174. A look at its daily chart reveals that Dogecoin’s sideways price action is influenced by a rising wedge formation. Historically, such patterns often culminate in a significant price direction following a breakout.
Will DOGE Surge Past the $0.171 Resistance Zone?
As a crypto investor, I’ve noticed that over the past three weeks, Dogecoin’s price has been gradually bouncing back with the influence of an uptrend, forming a rising wedge pattern on the chart. The two converging trendlines of this setup function as shifting resistance and support levels, which compress the coin within a tight trading range.
Furthermore, Alichart, a well-known trader, has identified a notable resistance level for Dogecoin (DOGE) between $0.166 and $0.171. Based on his assessment, around 75,500 wallets hold roughly 10 billion DOGE within this price band, making it a formidable obstacle to Dogecoin’s price increase.
Dogecoin is currently facing strong opposition between $0.166 and $0.171, a price range where approximately 75,500 addresses hold close to 10 billion DOGE coins. Overcoming this hurdle could potentially lead to a doubling of Dogecoin’s value, with the next significant resistance level found around $0.322.
— Ali (@ali_charts) May 28, 2024
At present, the price of Dogecoin (DOGE) is around $0.163. This cryptocurrency appears poised to reach the peak of a wedge formation, suggesting that a breakout could occur soon. If DOGE manages to surpass the current resistance level, it could lead to a strong rebound, providing a firm foundation for buyers to push for a more robust upswing.
As a market analyst, I’ve been closely monitoring the trend of Dogecoin using Alichart for analysis. Based on my observation, if we manage to break past the current resistance level, there is a strong possibility that the price could nearly double and reach towards the next significant resistance at around $0.322.
The anticipated rally may encounter obstacles around $0.21 and $0.25, which are possible points of intermediate resistance.
Technical Indicator
- Exponential Moving Average: The coin price trading above daily EMAs (20, 50, 100, and 200) indicates the path to least resistance if up.
- Relative Strength Index: The daily RSI slope falling back to 50%-midline suggests a neutral sentiment among market participants.
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2024-05-28 21:30