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The price action of dog-themed cryptocurrency Dogecoin (DOGE) has been relatively quiet in recent months, consolidating between key support and resistance levels. Investors are watching closely for signs of a breakout, which could lead to significant gains in the short term.
According to crypto analyst Ali Martinez, the critical price point to watch is $0.11, where a large number of addresses are holding significant quantities of Dogecoin. In a recent tweet, Ali shared valuable insights, stating: "If you're anticipating a Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding nearly 31 billion DOGE."
As highlighted by Ali, the $0.11 level, where nearly 31 billion DOGE are being held by 23,400 addresses, is the key resistance to watch for traders looking to capitalize on Dogecoin’s next move.
Tomiwabold OlajideIf Dogecoin's price manages to break and sustain above this level, the next resistance levels could be around $0.138, near the daily SMA 200, and $0.143, with potential upside depending on market sentiment.
Conversely, if DOGE extends its declines from current levels, it may revisit lower support levels, with $0.08 emerging as a formidable support.
Eyes on Dogecoin's next move
In the coming days, eyes are on whether Dogecoin can break through the $0.11 barrier and initiate a fresh bullish trend. However, investors and traders should pay particular attention to market sentiment and broader economic conditions, as these might play a significant role in determining DOGE's next move.
The majority of cryptocurrencies dipped in the early Tuesday session as the Federal Reserve’s monetary policy meeting is scheduled to begin, with policymakers generally expected to announce an interest rate cut at its end.
The Fed is scheduled to meet on Tuesday and Wednesday, and it is largely expected to cut interest rates for the first time since the beginning of its hiking cycle in March 2022. Investors will also be seeking hints about the interest rate's future, particularly if further cuts are expected this year.
At the time, Dogecoin was down 0.76% in the last 24 hours to $0.101 and down 2.61% weekly.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov