After Dogecoin's price rose strongly above $0.3, its subsequent trend continued to be limited by the resistance level of $0.4, and it has not been able to break through for several weeks. A cryptocurrency analyst pointed out that if Dogecoin cannot effectively break through this key level, the market may face bearish pressure and further decline, which may cause the price of the meme coin to hit a new low.
If Dogecoin price fails to stay above $0.4
Dogecoin is currently in a consolidation phase after experiencing significant double-digit gains this month. In early November, boosted by post-election market sentiment, Dogecoin briefly rose from about $0.2 to more than $0.4.
Although the market is full of expectations for Dogecoin to break through the $0.4 mark and set a new record high, this meme coin has never been able to effectively break through this key resistance level and has been stuck in this area after multiple attempts. In response to this trend, cryptocurrency analyst Ali Martinez published an analysis on the X platform (formerly Twitter) that if Dogecoin fails to break through this key level, it may usher in a bearish scenario.
Martinez said that $0.4 is the current key resistance point for Dogecoin. A successful breakout of this level could push the price further up to $0.43 and open up more room for a rebound. However, a failure to break through could trigger bearish sentiment in the market and increase the risk of a price drop.
On the other hand, Martinez warned that if Dogecoin fails to break through the key resistance level of $0.4, the price may fall sharply to $0.36, or even further to $0.34, refreshing the recent low.
In early November, Dogecoin briefly touched $0.48, marking a significant gain in this bull market. Despite the subsequent price correction over the past few weeks, several analysts, including Martinez, remain optimistic about Dogecoin’s long-term bullish outlook. He has previously predicted that Dogecoin is expected to rise by as much as 120% in this round, with a target price of $0.82.
Analysts say $1 surge is coming
Dogecoin is currently trading at $0.4, up 3.33% in the past 24 hours. As the meme coin continues to retest this key resistance level, cryptocurrency analyst Ash Crypto predicts that Dogecoin will see a significant rise in this cycle.
The analyst shared a chart showing Dogecoin’s price at $0.47, highlighting that the meme coin is steadily approaching the $0.5 mark. Based on the current bullish price action, Ash Crypto predicts that Dogecoin may soon reach the $1 milestone.
On the other hand, cryptocurrency analyst DonAlt is more pessimistic about the price of Dogecoin. He revealed that the Dogecoin chart "clearly" shows a bearish trend, indicating that buying now may be disadvantageous. He also said that Dogecoin must re-break through the $0.4 mark by the close to achieve significant growth.
