Dogecoin Price Crash From 5-Month Decline Likely to Fail
DOGE price has been on a steady decline for over five months as the meme coin struggles to break free. Recent price action suggests that Dogecoinâs expected breakout may not happen anytime soon.
This is because market indicators are showing warning signs of overvaluation, putting DOGEâs bullish hopes at risk.
Dogecoin has a big liability ahead
The Global Entry/Exit Indicator (GIOM) is revealing a major resistance at $0.108. This is a critical area as over 48.3 billion DOGE, worth over $5.2 billion, has been bought between $0.104 and $0.137. Investors holding these ranges are likely to sell at the first sign of gains, creating a heavy supply wall that could hamper the bullish momentum.
With such resistance, DOGE will need strong support from the broader market to surpass $0.108. Until then, the oversupply could hold the price back, preventing the meme coin from making a meaningful breakout above this level.
