Dogecoin (DOGE) Poised for a Potential Breakout: Analyst Highlights Key Price Level to Monitor
Dogecoin’s price has been trading in a tight range between $0.072 and $0.076 recently, squeezed between two key accumulation walls identified by crypto trader Ali on Twitter.
The support wall spanning $0.072 to $0.073 contains around 200,000 addresses holding 28.6 billion DOGE, representing solid buying interest below the current price.
Meanwhile, the resistance wall ranging from $0.074 to $0.076 consists of 124,000 addresses with 26.95 billion DOGE, indicating weaker overhead supply above market levels.
With DOGE hovering just under resistance around $0.075, the greater concentration of support addresses and coins suggests upside potential for a breakout.
If bulls can propel Dogecoin over the $0.076 level on higher-than-average trading volumes, traders will look for DOGE to challenge the next ceiling at $0.084.
Read also:
- Why is Moonriver (MOVR) Price Up? Exploring the Catalysts Behind the Rally
- Estonian Banker’s $469,000,000 Ethereum Fortune Locked Away Forever After Losing Keys – Can Anyone Crack the ETH Wallet?
- Join eTukTuk’s revolution – Only few hours left at the current price
However, failure to push through overhead resistance could see DOGE slide back toward support around $0.072. But overall, Dogecoin’s technical setup remains constructive for a bullish move higher after basing between key accumulation levels.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
