Following his massive gathering above the $0.3 mark, Dogecoin price has been struggling to break above the $0.4 resistance for weeks. A cryptocurrency analyst has revealed what could happen if Dogecoin fails to overcome this crucial resistance, highlighting bearish scenarios and new lower prices for the meme coin.
Dogecoin price if it fails to stay above $0.4
THE Dogecoin Price is stuck in a consolidation phase after posting double-digit gains this month. Earlier in November, Dogecoin rose from around $0.2 to over $0.4, driven by increased demand fueled by post-election bullish sentiment.
While many expected Dogecoin to be easily exceed the price by $0.4 Marking and reaching new all-time highs, the popular coin has unfortunately remained stuck in this crucial area, often testing this resistance to attempt a breakout. Given his current struggle at this level, crypto analyst Ali Martinez has revealed in an X post (formerly Twitter), the bearish scenario that could follow if Dogecoin fails to break through the resistance mentioned above.
Martinez revealed that the $0.4 mark is a critical threshold for Dogecoin, which could lead to its next price rise or fall. The analyst noted that an extended breakout above this crucial level would send Dogecoin price to $0.43, providing more room and less the obstacles to a potential rally.
On the other hand, if Dogecoin fails to clear the $0.4 resistance level, Martinez predicted that this could trigger a significant price decline to $0.36. The analyst pointed out that Dogecoin could even see its price drop to $0.34, marking new lows.
In November, Dogecoin reached $0.48, marking impressive gains during this bull cycle. While its price has been corrected In recent weeks, many analysts, including Martinez, remain optimistic about the the bullish potential of the same coin. The analyst before projected a massive 120% increase to $0.82 for Dogecoin this cycle.
Analyst says $1 increase is coming
Dogecoin price is currently trading at $0.4, an increase of 3.33% in the last 24 hours. As the meme coin continues to retest this crucial resistance level, a crypto analyst, Ash Crypto, has projected that Dogecoin is preparing for a massive pump in this cycle.
The analyst shared a chart showing Dogecoin price at $0.47, highlighting that the meme coin is steadily approaching the $0.5 mark. Based on its current bullish price movements, Ash Crypto predicts that Dogecoin could reach the $1 mark Soon.
On the other hand, crypto analyst DonAlt maintained a more bearish stance for Dogecoin price. He revealed that the Dogecoin chart “clearly” shows bearish action, suggesting that buying now may be at a disadvantage. He also indicated that Dogecoin needs to reclaim the $0.4 mark at the close before it can see substantial growth.
Featured image created with Dall.E, chart from Tradingview.com