đDogecoin (DOGE) Struggles to Break Resistance: Will a Major Rally Happen Soon?
This week, Dogecoin (DOGE), the largest meme coin by market capitalization, showed significant bullish activity, gaining notable momentum. However, despite the optimism, DOGE bulls couldnât push beyond the previously highlighted $0.13 resistance level. Multiple attempts to close above $0.105 have been unsuccessful, as the meme coin once again faces downward pressure due to negative Bitcoin (BTC) price fluctuations.
The broader crypto market volatility, especially Bitcoinâs struggles, continues to drag DOGE along with other altcoins, limiting its ability to achieve a stronger breakout. This trend underscores how much DOGE is still influenced by Bitcoinâs price movement, as BTC sets the tone for altcoins, particularly meme coins like DOGE.
Key Support and Resistance Levels to Watch
Currently, the critical support level for DOGE lies at $0.113. As long as this support holds, thereâs room for the bulls to regroup and potentially launch another attempt at breaking the $0.13 resistance. If the upward momentum regains strength, a successful breach could see DOGE testing new highs, bringing the $0.18 to $0.23 range into play.
However, if selling pressure intensifies, DOGE could lose its current support and revisit $0.105. This would mark a significant retracement, signaling further downside risk for the meme coin, especially if Bitcoinâs performance remains weak.
Whatâs Next for DOGE?
In the coming days, DOGE traders will be closely monitoring BTCâs movements, as well as DOGEâs ability to hold above $0.113. A sustained bounce could reignite a fresh wave of buying, but a break below this level would put the meme coin in a more vulnerable position, potentially paving the way for a deeper correction.
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