The price of Dogecoin has typically struggled this 12 months, however the meme token has been on such an amazing run prior to now few weeks, mirroring the present optimistic situation of the overall cryptocurrency market. And if on-chain information is something to go by, this current price rally might not be coming to an end anytime quickly.
Dogecoin Efficiently Clears All Main Resistance – What’s Subsequent?
In a latest submit on X, outstanding analyst Ali Martinez revealed that the Dogecoin worth has efficiently cleared all main resistance ranges. This newest on-chain revelation relies on IntoTheBlock’s worth information, which revolves across the density of traders who purchased the DOGE token at sure ranges.
#Dogecoin has efficiently cleared all main resistance ranges!
With the $0.095 assist proving robust – because of 63,280 addresses shopping for 3.2 billion $DOGE – the trail appears set for an upward journey. If this assist stays agency, we may see #DOGE aiming for $0.14 subsequent. pic.twitter.com/QmfZ9kY5Dh
— Ali (@ali_charts) December 8, 2023
In line with the offered information, the $0.095 degree appears to be the final important resistant space for the DOGE worth. And because the meme coin has gained far over the value vary, the $0.095 space has flipped right into a “robust assist” – because of 63,280 addresses shopping for the cryptocurrency at this degree.
Seems to be like there aren't any important resistance areas above the present worth | Supply: Ali_charts/X
The chart above reveals how the Dogecoin worth ranges across the present worth look when it comes to the density of traders. The dimensions of the dot displays the variety of traders who purchased the meme token at every worth vary.
As displayed within the above graph and highlighted by analyst Ali Martinez, there aren’t any main resistance zones above the present DOGE worth. Therefore, the worth of Dogecoin looks set to continue on an upward trajectory.
The crypto analyst mentioned that if the $0.095 assist vary continues to carry robust, there’s a growing possibility for DOGE to climb as high as $0.14 within the close to future. This represents a considerable 35% rally from the meme coin’s present worth level.
DOGE Value Overview
As of this writing, Dogecoin is valued at $0.103424, reflecting a 6.7% worth improve prior to now 24 hours. This degree of progress within the final day solely underscores the meme token’s constructive efficiency prior to now few weeks.
Primarily based on data from CoinGecko, the DOGE worth has elevated by greater than 22% prior to now seven days. In the meantime, the cryptocurrency has registered roughly an enormous 35% achieve in a single month.
Dogecoin ranks because the tenth-largest cryptocurrency within the sector, with a market cap of roughly $14.6 billion.
DOGE worth continues upward swing on the each day timeframe | Supply: DOGEUSDT chart on TradingView
Featured picture from iStock, chart from TradingView