- Dogecoin’s price faces seller pressure but could see a 45% gain if bulls break resistance levels.
- Whale activity and RSI trendline surpassing indicate strong market support for a potential Dogecoin breakout.
According to Dogecoin’s price outlook presented in a previous CNF post, traders were cautioned against long positions amidst consolidation, as analysts suggested Dogecoin could trade between $0.12 and $0.15 short-term, with potential for a surge if it breaks resistance at $0.16.
In a turn of events, Dogecoin’s price attempted a breakout from its long-standing resistance structure this month, following two unsuccessful tries in May and July. Despite showing early signs of success, DOGE’s price fell by over 3.2%, marking yet another setback for the meme coin.
The decline, while not dramatic, confirms the existing pattern where sellers remain dominant at key price levels. Though resistance was not breached, Dogecoin bulls still have the opportunity to push through with a stronger attempt.
If successful, DOGE enthusiasts could see a significant bullish breakout in the near future.
DOGE Bulls Face Seller Pressure at Resistance
In an earlier CNF post, explosive potential for Dogecoin’s price was suggested, forecasting a possible surge of up to 550%, with the Coinstore listing driving growth for a Dogecoin rival. However, while Dogecoin managed to reach dynamic support, sellers quickly stepped in to offload their holdings at this crucial price point. The inability to cross this level on the first try isn’t entirely negative, as it suggests the pattern is still intact.
Nevertheless, Dogecoin bulls need to show greater strength to break out of the current structure. If resistance is finally overcome, DOGE could reward its supporters with a surge of “green candles” and renewed optimism in the market.
In line with recent developments, the current status of DOGE shows bulls facing seller pressure at resistance. According to today’s CoinMarketCap data, Dogecoin (DOGE) is trading at $0.109, with an increase of 0.52% in the past day and 7.96% in the past week. See DOGE price chart below.