The Dogecoin price is experiencing positive headwinds today after rising above the $0.08 level once more. This increase in price can be attributed to a number of things that have occurred over the last few days. However, the question remains of whether the DOGE price can continue this run to cross $0.09.
Why Is The Dogecoin Price Rising?
The most prominent reason behind the rise in the Dogecoin price can be traced back to general market bullishness. Despite the United States Securities and Exchange Commission (SEC) delaying its decision on the Spot Bitcoin ETFs, the market has been relentless and continued to push the Bitcoin price higher.
As the Bitcoin price crossed $38,000, it pulled the rest of the market with it and sent altcoins rallying. This time, DOGE saw better recovery patterns compared to Bitcoin, coming out with 5% gains compared to Bitcoin’s 2.5% gains in the same 24-hour period.
Furthermore, there have been positive developments in the Dogecoin community that have furthered this bullish narrative. The total holder base of DOGE finally crossed 5 million, showing a rise in support and demand for the meme coin.
Last but not least on this lineup is the fact that the Dogecoin moon mission which has garnered a fair bit of attention has received approval from the National Telecommunications and Information Administration (NTIA). The mission called DOGE-1 which is being funded entirely in DOGE is being launched by Elon Musk’s led SpaceX. However, there is still no definite timeline for when the launch will happen.
DOGE recovers above $0.08 | Source: DOGEUSD on Tradingview.com
Can DOGE Price Cross $0.09?
With the recent rise, the Dogecoin price is currently facing some resistance along the way to $0.09. Crypto analyst Ali Martinez shared an analysis on X (formerly Twitter) which shows the roadblocks that DOGE will have to mount to clear this target.
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Currently, the most significant resistance lies at the $0.087 level which the analyst explains is “marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.” This was a similar hurdle that the meme coin faced the last time it rallied.
Source: Ali_charts on X
However, if the Dogecoin price were to successfully clear this level, then there isn’t much resistance ahead. As Ali explains, “Breaking past this barrier could open the gates for #DOGE to nearly double its price, aiming for a target of $0.14.”
DOGE’s price, currently trading at $0.0809, is still a ways away from the $0.087 resistance. But if the Bitcoin price continues to climb as expected, it won’t be long until bulls are testing the resistance.