- At press time, DOGE was trading at $0.07373 after its spruce dipped 2.01% in the past day.
- An analyst believes that DOGE could target $0.084 if it can break above the $0.076 level.
- Technicals on DOGE’s daily chart, however, indicate that buyers have lost some of their strength.
The renowned cryptocurrency analyst and trader, Ali, shared in an X post today that he believes Dogecoin’s (DOGE) price could move up soon. According to the analyst, DOGE is currently “navigating a tight zone, sandwiched between two crucial supply walls.”
DOGE’s supply wall spans between $0.072-$0.073, with about 200K addresses holding 28.6 billion tokens. Meanwhile, the resistance wall ranges from $0.074-$0.076, where 124K addresses are holding 26.95 billion DOGE tokens.
The analyst did, however, point out the fact that “support outstrips resistance in strength,” which could hint at a potential breakout for the DOGE price. Ali believes that if the meme coin can overcome the $0.076 level, DOGE could look to target $0.084 next.
Daily chart for DOGE/USDT (Source: TradingView)
From a technical standpoint, the daily Relative Strength Index (RSI) line on DOGE’s chart crossed below the RSI Simple Moving Average (SMA) line over the past 24 hours. This is a significant technical flag that signals that buyers have lost some of their strength.
Should the technical flag be validated, DOGE’s price may drop below the $0.07195 support level in the next couple of days. This could then put the meme coin at risk of falling to the next key support at $0.06775 in the following week. On the other hand, DOGE closing a daily candle above $0.07195 could lead to the altcoin climbing to $0.07755.
In the past 24 hours, DOGE was one of the many tokens that saw its price decline. The market tracking website, CoinMarketCap, indicated that the meme coin was worth $0.07373 after its price dropped 2.01%. This meant that DOGE was trading right between its daily low price of $0.0719 and its 24 hour high price of $0.07576.
DOGE also ended up weakening against Bitcoin (BTC) by 2.07%. Meanwhile, DOGE was still up by 10.13% in its weekly time frame. The altcoin’s price also managed to climb by over 22% in the past month.
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