Dogecoin (DOGE) markets have been falling for a while now. Over the past few months, the meme coin has fallen to as low as $0.08. However, it is worth noting that DOGE has risen by more than 60% over the past year. At press time, the asset is trading at $0.1005, with no significant drop or gain over the past day.
Key price levels and market forecasts
Insights from renowned analysts
Ali Martinez, a well-known cryptocurrency analyst, said that $0.11 is a key price to watch. This is because many addresses hold a large amount of Dogecoin at this level. According to the tweet, as many as 23,400 addresses hold more than 31 billion Dogecoin. The analyst said on X,
“If you expect Dogecoin to breakout, keep in mind that key resistance is at $0.11, where 23,400 addresses hold nearly 31 billion DOGE.”
Can DOGE reach $0.11 by the end of September?
It looks like Dogecoin will end the month rather bearishly. According to Changelly, Dogecoin will see double-digit declines in the last week of September. Dogecoin will close the month at a low of $0.08800, a 12% drop from the current price level. On September 30, Dogecoin will trade at $0.089644, a 10% drop.
Long-term market outlook
While the current and short-term market conditions are bearish, things may change for Dogecoin in the long run. If Elon Musk continues to support the asset, this meme coin may even rise. Stable market conditions will also aid in the growth of Dogecoin.
