Dogecoin Hits Critical Resistance: Will It Surge Past $0.40 or Face a Price Dip?
Although Dogecoin (DOGE) is still 45% below its all-time high of $0.7316 set in 2021, DOGE has achieved a significant gain of more than 400% year-to-date.
At the time of writing, the memecoin leader is trading at $0.404, up 5.6% in the past 24 hours. Analysts said the price marked a critical moment This could have a significant impact on Dogecoin’s direction in the coming days.
Dogecoin Hits Key Resistance Point
The recent rally has drawn considerable attention from analysts. Renowned cryptocurrency analyst Ali recently shared his technical Cryptocurrency analysis through his X account.
In this article, the analyst marked a descending channel on DOGE’s price chart. According to Alibaba, Dogecoin is currently being tested critical resistance level. He said that a “sustained” break above the $0.40 price mark could push the price towards $0.43 levels.
However, if DOGE fails to break above the $0.40 level, the asset is likely to face another significant decline, taking its price to $0.36 or even $0.34.
#Dogecoin $DOGE It is at a very critical resistance point. A sustained break above $0.40 will take it down to $0.43, but failure to break $0.40 resistance will trigger another drop to $0.36 or even $0.34! pic.twitter.com/fTqpftq3tS
— Ali (@ali_charts) November 27, 2024
Key developments reinforce DOGE’s bullish stance
In addition to its price action, Dogecoin has benefited from some positive developments recently that have boosted investor confidence.
One notable example is the creation of a new government agency called Department of Government Efficiency (DOGE) in the United States. The acronym is the same as Dogecoin’s ticker symbol.
Additionally, crypto fund issuer Valor has launched a Dogecoin exchange-traded product (ETP). one Press release The following was uploaded earlier today:
Valor Inc., a subsidiary of DeFi Technologies, has launched the Valor Dogecoin (DOGE) ETP on the Swedish Spotlight stock market, which is the first Dogecoin ETP available in the Nordic region. The launch expands Valour’s digital asset product range and provides investors with investment opportunities in Dogecoin, which currently has a market capitalization of approximately $59.5 billion and ranks as the seventh largest digital asset in the world.
Notably, these milestones highlight the growing Institutional and mainstream recognition DOGE, contributing to its continued price increases.
In addition to Alibaba’s technical insights, another analyst, Trader Tardigrade, also shared his long-term view on Dogecoin. Analysts pointed out that DOGE maintains its recognized wavy pattern On its macro chart, it is predicted that the cryptocurrency may reach highs of $20.
#Dogecoin maintains wave pattern on macro chart
The next peak price is expected to be $20pic.twitter.com/8U9DvuBLCm
— Tardigrade Trader (@TATrader_Alan) November 27, 2024
Featured image created using DALL-E, chart from tradeview
