Does a bull run await DOGE above this level?
- The number of DOGE holders surpassed 5 million, reaching an ATH.
- Market indicators looked bearish on the meme coin.
Dogecoin [DOGE] has been experiencing a promising rally over the last few weeks, which allowed it to rise in market cap.
However, DOGE’s weekly chart revealed a key resistance level, which the meme coin has to cross in order to sustain its uptrend.
Dogecoin is inching toward a key resistance level
CoinMarketCap’s data revealed that the price of the top meme coin surged by more than 8% in the last seven days. In the last 24 hours alone, DOGE pumped by over 4.5%.
At the time of writing, DOGE was trading at $0.08107 with a market capitalization of over $11 billion.
In fact, IntoTheBlock’s data revealed that market confidence in DOGE had also soared in the recent past. This was evident from the fact that the total number of Dogecoin holders reached an all-time high of over 5 million.
💥 JUST IN: The number of addresses holding $DOGE has just hit a record high. For the first time, more than 5 million addresses are holding #dogecoin according to analysis by @intotheblock pic.twitter.com/k4HQVcK5bZ
— Crypto Chiefs (@cryptochiefss) November 28, 2023
However, though things looked promising, DOGE has a challenge to overcome in order to maintain its bull run. Ali, a popular crypto analyst, recently posted a tweet pointing out how DOGE faces a major hurdle at $0.087.
“This crucial level is marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week EMAs.”
As per the analyst, if DOGE manages to go above this level, the probability of the meme coin doubling its price will become much greater.
— Ali (@ali_charts) November 28, 2023
The odds of DOGE going above $0.087
AMBCrypto checked Hyblock Capital’s data and found that DOGE has been facing strong resistance at the $0.081 mark. Specifically, the meme coin’s price tested that level twice last week and failed to go above it.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
A few market indicators also implied that the possibility of DOGE’s price action moving sideways was high. For instance, both its Money Flow Index (MFI) and Relative Strength Index (RSI) went sideways.
However, things can change in the meme coin’s favor as the MACD displayed the possibility of a bullish crossover, which signaled that the meme coin could go above the aforementioned resistance levels.