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Dog-Themed Cryptocurrency Dogecoin (DOGE) is currently at a critical juncture, with the market closely monitoring price action as it approaches an important resistance level.
According to Ali MartinezAccording to a crypto analyst, Dogecoin is facing crucial resistance at $0.40, a key level that may need to be monitored in upcoming Dogecoin trading sessions. If Dogecoin manages to break and sustain above the $0.40 resistance, it is likely to attract more buying interest.
Ali believes that a sustained breakout of this resistance could send DOGE higher to $0.43, sending a bullish signal to the market.
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On the other hand, if DOGE fails to rise above $0.40, it could see further decline. Immediate support levels to watch are $0.36 and possibly $0.34. This scenario suggests a bearish trend, at least in the short term.
What’s Next for Dogecoin Price?
Dogecoin’s move above the key $0.40 level failed during today’s session, hitting an intraday high of $0.399. At the time of writing, Dogecoin was up 4.16% over the past 24 hours at $0.394, rebounding from the low of $0.364 during Tuesday’s sell-off.
In the coming days, we will have to be wary of a rise or fall below the $0.40 mark.
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In the event of a breakout, Dogecoin could aim for a retest of yearly highs at $0.48. If the bulls succeed, Dogecoin could begin a further rise, aiming for $0.50 and, after that, $0.59.
A decline below the immediate support levels of $0.36 and $0.34 could trigger a further correction towards $0.30, signaling that the bulls are losing control.
In positive news for Dogecoin, cryptocurrency fund issuer Valor has created the first Dogecoin exchange-traded product (ETP).
According to Valour, the ETP will be traded on the Swedish Spotlight stock market, providing retail and institutional investors with exposure to the dog coin in a regulated fund package.