Dog-themed cryptocurrency Dogecoin (DOGE) is currently at a critical juncture, with the market closely monitoring its price action as it approaches a significant resistance level.
According to Ali Martinez, a crypto analyst, Dogecoin is facing a crucial resistance at $0.40, a key level that might be necessary to watch in Dogecoin's next trading sessions. If Dogecoin manages to break and sustain above the $0.40 resistance, it is likely to attract more buying interest.
#Dogecoin $DOGE is at a very critical resistance point. A sustained break above $0.40 will send it to $0.43, but failing to clear the $0.40 resistance will trigger another dip to $0.36 or even $0.34! pic.twitter.com/fTqpftq3tS
— Ali (@ali_charts) November 27, 2024
Ali believes that a sustained break over this resistance might boost DOGE to $0.43, sending a bullish signal to the market.
On the other hand, if DOGE fails to break over $0.40, it could experience another drop. The immediate support levels to watch are $0.36 and possibly $0.34. This scenario suggests a bearish trend, at least in the short term.
What's next for Dogecoin price?
Dogecoin's move past the key level of $0.40 fell short in today's session, reaching intraday highs of $0.399. At the time of writing, Dogecoin was up 4.16% in the last 24 hours to $0.394, rebounding from lows of $0.364 in Tuesday's sell-off.
In the coming days, a move up or down below the $0.40 mark should be watched out for.
In the event of a breakout, Dogecoin might aim for a retest of the yearly highs at $0.48. If the bulls succeed, Dogecoin could start a fresh upward move, eyeing $0.50 and, after that, $0.59.
A decline below the immediate support levels of $0.36 and $0.34 could trigger a further correction toward $0.30, signaling that the bulls are losing control.
In positive news for Dogecoin, cryptocurrency fund issuer Valour has created the first Dogecoin exchange-traded product (ETP).
According to Valour, the ETP will trade on Sweden's Spotlight Stock Market, providing retail and institutional investors with exposure to the dog coin in a regulated fund wrapper.
