Dogecoin has seen significant growth despite still being about 45% lower than its all-time high of $0.7316 from 2021. The leading memecoin has achieved a notable increase of over 400% as of now. Currently trading at $0.404, Dogecoin has risen 5.6% in the past 24 hours. Analysts emphasize that this point is very important, potentially affecting its market trajectory in the coming days.
The recent price surge has attracted the attention of analysts. Renowned cryptocurrency analyst Ali discussed the resistance of DOGE in his analysis.
Using the downward channel on the price chart, Ali notes that Dogecoin is testing a critical resistance level. He expresses that maintaining a breakout above $0.40 could push its price up to $0.43. If not, the asset may drop again, reducing its value down to $0.36 or even $0.34.
Several favorable developments have boosted Dogecoin, increasing investor confidence. A notable event is the establishment of the Department of Government Efficiency (DOGE) in the United States, sharing its acronym with the Dogecoin ticker.
Additionally, Valour, a cryptocurrency fund issuer, has launched an exchange-traded product (ETP) for Dogecoin. This is the first Dogecoin ETP in Northern Europe, expanding Valour's digital asset services. This launch, along with the current market capitalization of approximately $59.5 billion, highlights Dogecoin's impact on the market as the seventh largest digital asset globally.
Analyst Trader Tardigrade has provided a different perspective on the potential trajectory of DOGE. According to him, Dogecoin exhibits a wave pattern on its macro chart. This pattern could peak, potentially lifting the value of Dogecoin to $20.