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Dogecoin (DOGE) Primed for $0.1 Breakthrough: Here's One Barrier in Way

Mon, 07/31/2023 - 11:26
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Arman Shirinyan
Dogecoin could be on verge of massive price move if volatility is right
Dogecoin (DOGE) Primed for $0.1 Breakthrough: Here's One Barrier in Way
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The Dogecoin (DOGE) community is in for a potentially exciting development. Recent analysis indicates that the popular meme-inspired cryptocurrency may be primed to break through the $0.1 price barrier. However, there is one critical resistance level standing in the way.

Dogecoin's price actions can be analyzed using an "In/Out of the Money" (IOM) indicator. Developed by analytics firm IntoTheBlock, this tool identifies the average purchase price of tokens for any address with a balance. If the current price exceeds this average cost, the address is deemed "In the Money." Conversely, if the current price is lower, the address is considered "Out of the Money."

Dogecoin (DOGE) Outperforms Cryptocurrency Market

At present, Dogecoin hovers at a price level backed by less than 10 billion DOGE in volume. In the volatile world of cryptocurrency trading, this amount is not regarded as substantial. The next significant resistance level is fortified by a stronger volume of 12.8 billion Dogecoin. Given the current price action and a general market recovery, this resistance level may well be tested in the near future.

One factor bolstering this potential breakthrough is the recent surge in volatility, particularly on networks like BASE. This heightened activity could provide the necessary momentum for DOGE to clear the upcoming resistance and set a course for the $0.1 mark.

Notably, Dogecoin recently succeeded in piercing through the 200-day Exponential Moving Average (EMA). This development is often viewed as a bullish signal and could trigger a run toward the next price threshold.

In conclusion, while challenges remain, current market conditions suggest a real possibility for Dogecoin to break the $0.1 threshold. The one critical resistance level at 12.8 billion DOGE presents the main barrier. However, with the market's recovery and increased volatility, the beloved Shiba Inu-themed coin may be in for a significant leap.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.