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Dogecoin Poised for Potential Breakout: Could DOGE Double to $0.322 Soon?

source-logo  cryptonewsland.com 28 May 2024 22:54, UTC
  • DOGE breaking $0.171 could double its value to $0.322.
  • Meme coins surged after SEC’s Ethereum ETF approval, but DOGE declined.
  • DOGE might drop to $0.154 unless it closes above $0.175, aiming for $0.22.

If Dogecoin (DOGE) manages to break through the resistance level currently situated between $0.166 and $0.171, the potential for significant gains is substantial. Analysts predict that surpassing this critical barrier could propel DOGE to its next major resistance at approximately $0.322, effectively doubling its value from current levels.

This optimistic forecast comes amid a broader upswing in the cryptocurrency market following the SEC’s approval of the first spot Ethereum ETF. This approval has invigorated the market, leading to notable surges, particularly among meme coins like PEPE, FLOKI, WIF, and BONK. However, despite the overall bullish sentiment, DOGE has struggled to keep pace, showing a slight decline of 1%.

Currently, DOGE is facing strong resistance, attributed to significant accumulation by nearly 75,000 wallet addresses holding around 10 billion DOGE coins at this level. As DOGE hovers around $0.164, it has experienced a 3% downturn, contrasting sharply with the impressive gains seen by other meme tokens. Over the past week, DOGE has remained relatively stable, showing a marginal 1% decline, while a broader 30-day perspective reveals a respectable 10% upward trend.

Technical analysis highlights DOGE’s bearish outlook, with potential further declines to $0.154 if current trends continue. For DOGE to shift towards a bullish trajectory, it must close above the $0.175 mark on a daily basis. Achieving this would set the stage for a potential rise to $0.22, and breaking through the $0.171 resistance could pave the way for even greater gains, reaching up to $0.322.