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Dogecoin (DOGE) has been trading below the key resistance level at $0.143 since October 19, and anticipation is building among investors who believe a breakout could be imminent. The popular memecoin has remained relatively stable, but this critical level has prevented DOGE from rising significantly.
Senior analyst and investor Ali Martinez recently shared a technical analysis of X, highlighting the potential for a strong upside once DOGE removes this barrier. According to Martinez, a break above the $0.143 mark could trigger a rapid 25% rally, pushing Dogecoin to new highs.
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As the market sentiment appears cautiously optimistic, all eyes are on Dogecoin’s performance in the coming days. Investors and traders are watching closely, anticipating a decisive move that could pave the way for Dogecoin’s next trend. With the entire cryptocurrency market bracing for potential shifts, it may be necessary for DOGE to regain momentum.
The outcome of this resistance test will likely play a major role in shaping Dogecoin’s path forward, especially if it leads to renewed interest and buying pressure across the market.
The price of Dogecoin is starting to rise
Dogecoin is showing renewed strength after a week marked by volatile price action, which included a pullback from a recent local high of $0.149. Dogecoin is now trading near the major resistance level at $0.143, and is attracting attention across the market.
Leading analyst Ali Martinez Share detailed technical analysis on XSuggesting that if DOGE succeeds in breaching this resistance, it could trigger a notable 25% rally, pushing the price higher to the $0.175 mark. According to Martinez, the $0.143 threshold is crucial for Dogecoin’s short-term trajectory, serving as a potential launching pad for further gains.
Currently, Dogecoin is testing this pivotal level, and market sentiment is growing optimistic about the breakout, especially as other assets are indicating preparation for an upward move. The next few days will be crucial, as analysts are anticipating potential bullish momentum in the cryptocurrency market which could support DOGE higher.
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However, if Dogecoin fails to clear the $0.143 resistance level, a bounce period will likely be necessary to identify lower demand and restore liquidity for the next move higher. A pullback to gather momentum could provide the foundation needed to attempt a breakout again, positioning DOGE for further gains once market conditions align. As Dogecoin oscillates at this critical threshold, it is clear that the result of this resistance test will be useful in setting the tone for near-term price action.
DOGE technical levels to watch
DOGE is trading at $0.143 after a slight rise from recent lows of $0.127. This level has proven to be an important resistance point, with DOGE facing challenges in breaking above it. The overall market is indicating potential upward momentum, but for DOGE to maintain its upward trajectory, it must decisively cross the $0.143 threshold in the coming hours. Doing so successfully would reinforce support for a continued rise, which could lead to a price rally in the short term.
However, a bounce will likely be necessary if Dogecoin struggles to stay above this resistance. In this case, a drop to a lower ask level around $0.12 could provide the liquidity needed to reignite buying interest and gather momentum for a subsequent push. This demand zone has previously served as strong support and could be the fuel DOGE needs to maintain its bullish outlook.
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As Dogecoin tests these critical levels, traders are closely monitoring its movements to gauge whether it can break through resistance or whether a temporary pullback is on the horizon.
Featured image by Dall-E, chart from TradingView