Dogecoin Could Double in Value If Important Resistance Crash - Analyst

At this critical point, Dogecoin's (DOGE) price is facing strong resistance levels, which may determine its future course. On the DOGE chart, a crucial resistance zone has been identified by crypto analysts.

Despite the asset's present price decrease, analysts have pointed out that a huge rebound for Dogecoin might be in store if the price breaks over this critical level.

May 28 saw the publication of an article highlighting a crucial resistance zone between $0.166 and $0.171, which was supported by 75,500 addresses' combined ownership of almost 10 billion DOGE.

This massive accumulation of Dogecoin at these particular price points creates a formidable obstacle, making the asset's capacity to soar in value more difficult.

According to Ali, Dogecoin can see a significant price increase if it manages to successfully break through this obstacle. If it manages to break through this level, its price may potentially double, paving the way for an attack on the next big resistance point at $0.322.

Approximately 75,500 addresses have bought approximately 10 billion DOGE, and the price of #Dogecoin is facing considerable resistance between $0.166 and $0.171. But if it breaks through, #DOGE may treble, with the next major obstacle being at $0.322. pic.p02Cks63EI from twitter.com

This situation offers investors a chance to make a lot of money, but it also involves a tight zone of accumulated holdings that might either slow down or speed up Dogecoin's rise in the market.

In light of the present market circumstances, this resistance zone takes on even more significance. Dogecoin has had a correction, falling 4.9% in the last 24 hours and reaching a trading price of $1.633.

A larger altcoin retreat is responsible for this decline. While Dogecoin's open interest volume increased by over 20% in the last day, the corresponding open interest reduction was 8.26%.

#altcoins #DOGE #Elonmusk #FIT21 $DOGE