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Dogecoin (DOGE) Price: Two Key Resistance Levels May Determine Future Rally Potential
A crucial inflection point has emerged in the Dogecoin market, with the price poised to potentially break out of its recent consolidation. The cryptocurrency’s technical indicators and on-chain metrics have converged to create a compelling narrative for a significant upswing.
Firstly, it is essential to recognize that DOGE must overcome two critical resistance levels at $0.18 and $0.21 before a sustained bull run can be confirmed. This hurdle may prove challenging given the market’s historical reluctance to push through such barriers, particularly when combined with the cryptocurrency’s historically unpredictable nature.
However, the accumulation of institutional investors, as evidenced by whale activity and options volume growth, has created an environment conducive to higher prices. The relative strength index (RSI) is also showing signs of renewed buying strength, further supporting this thesis.
Moreover, Dogecoin’s recent price action suggests that it may be building a J-shaped pattern on the monthly timeframe chart. This pattern has previously been observed during the 2017 bull market cycle, which preceded major upswings to new highs.
Source: https://blockonomi.com/dogecoin-doge-price-two-key-resistance-levels-may-determine-future-rally-potential/
