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. 

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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.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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