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Dogecoin Price Resistance In View: Why The Key Lies At $0.25
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Dogecoin Price Resistance In View: Why The Key Lies At $0.25

Scott Matherson
Scott Matherson
1 week ago
2 mins read
selling dogecoin

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Over the last few days, the Dogecoin price has struggled to hold up with the Bitcoin price hitting multiple resistances. This has triggered a wave of liquidations for crypto traders who have been betting on the price to go higher. The decline has also raised concerns as to whether the bullish rally that began at the start of the month is finally over.

Dogecoin Price Faces Major Resistance

Crypto analyst MindfullyLost has explained what is plaguing the Dogecoin price recently. According to the crypto analyst, the Dogecoin price has seen good support on the 4HR, which has continued to be above $0.21, even through the downtrend.

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Also, when it comes to the hourly chart, there is also support forming for Dogecoin at this level. This comes after a retest of the $0.22 level before the bulls were able to bounce. This shows weakness in this support and could fail with a more dominant move.

Presently, there is resistance mounting at $0.23 for the Dogecoin price and the bears are already bearing down on this level. As the crypto analyst shows, a break above this level would be confirmation of the uptrend for the Dogecoin price, making it a buy zone.

Dogecoin price
Source: X

The next major resistance after this then lies at $0.25 and this is the moment of truth for Dogecoin. Bulls would have to completely test and clear this resistance level. Otherwise, the chances of the price falling back down toward support at $0.21 remain high.

What’s Next For DOGE?

The Dogecoin price is currently consolidating and according to the crypto analyst, this consolidation could continue for a while. This would translate to sideways price movement for the foreseeable future, as well as a continuation of the battle for dominance between the bears and bulls.

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Bulls would have to start pushing the price higher to actually try to test the first resistance level. Until then, Dogecoin could plunge further into the oversold territory, which would not be entirely bad for the price, making the rebound even stronger.

As for how high the Dogecoin price could go if it breaks major resistance levels, some crypto analysts have called for a bounce to at least its previous all-time high at $0.71. While others have speculated that $1 is a natural destination for Dogecoin, and double-digit predictions, such as reaching as high as $10, have also made it to the forefront.

Dogecoin price chart from TradingView.com
DOGE fails to hold rally and plummets | Source: DOGEUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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