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Dogecoin

Dogecoin Price Reversal In Sight? These Two Key Resistance Levels Hold The Answer

Godspower Owie
by Godspower Owie
6 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

With bullish sentiment gradually returning to the broader crypto market, Dogecoin, the largest dog-themed meme coin, has recovered briefly from recent bearish pressure. As upside momentum builds, many crypto analysts are predicting a potential rally for DOGE, which indicates that the bearish performance will soon come to an end.

Two Levels Standing In The Way Of Dogecoin’s Rally

Dogecoin is showing multiple signs of upward movement supported by steady bullish sentiment in the crypto market. Delving into Dogecoin’s recent price action, Ali Martinez, a seasoned crypto expert and trader, has revealed a key moment that could change DOGE’s price dynamics in the upcoming days.

Related Reading: Dogecoin’s Supply Dynamics Shifts – Here Are The Key Levels To Watch Out For

Ali Martinez’s analysis shows that Dogecoin is eyeing a potential uptrend, but it will need to overcome two crucial resistance levels before it can rally. These levels could act as a launchpad for the meme coin’s price recovery after facing a prolonged consolidation phase.

According to the expert, DOGE has encountered two key resistance walls at the $0.18 and $0.21 price marks. At these points, a significant supply of DOGE was bought, reflecting the importance of the levels. With momentum building, breaking past these levels might be the launchpad for the next big bull rally for the dog-themed meme coin, setting it on a course for higher price targets in the short term.

Dogecoin
Key levels for DOGE’s upsurge | Source: Ali Martinez on X

The expert cited these two key resistance walls after examining the DOGE UTXO Realizex Price Distribution (URPD), a key metric that determines the amount of supply purchased at different levels. Looking at the chart, Dogecoin’s largest supply was acquired at the $0.07 range, in which investors bought more than 20% of the meme coin.

Furthermore, the second and third-largest supply walls are located at $0.17 and $0.20, respectively. During these levels, investors purchased about 7.97% and 7.04% of DOGE supply, respectively. Since the meme coin is trading below these two zones, it implies that all of the coins acquired at the levels are at a loss.

However, all of this could change as DOGE gears up for a persistent upswing. Crypto analyst and investor Trader Tardigrade has predicted a potential move toward the upside. His forecast is based on Dogecoin’s recent breakout from a descending trendline, which signals an uptrend continuation.

DOGE’s Next Major Move In Sight?

In another X post, Trader Tardigrade also outlined a promising development for DOGE’s price that hints at a significant rally. Specifically, the expert revealed that the meme coin has formed a crucial J-shaped pattern in the monthly time frame chart.

Related Reading: Dogecoin 4-Hour Heikin Ashi Chart Shows Oversold Levels, A Bounce On The Horizon

The last time this pattern emerged in the 2017 bull market cycle after substantial accumulation, Dogecoin saw huge upswings to new highs. Meanwhile, after reaching its all-time high in 2021, a huge accumulation has occurred, and prices have retraced, leading to the current J-shaped pattern. As a result, the expert believes that a significant rebound is imminent as he anticipates a similar rally to a new all-time high of $5.

Dogecoin
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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