Dogecoin Faces Major Hurdle to Bullish Continuation
Most cryptocurrencies are experiencing positive trading, but Dogecoin (DOGE) is currently facing a significant obstacle that could determine its future price. This obstacle is the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week exponential moving averages (EMAs), which currently stand at $0.087. Crypto analyst Ali Martinez highlighted this challenge on November 28.
Potential for DOGE to Double in Price
If Dogecoin manages to surpass this hurdle, it has the potential to double in price. Martinez suggests that overcoming this resistance could open the gates for DOGE to reach a target of $0.14, as shown in his chart pattern analysis.
Positive Factors for DOGE
Considering the current interest from traders and investors, Martinez’s predictions may hold true. Dogecoin is nearing the major resistance mentioned above, and there is significant activity in DOGE addresses, indicating strong market participation.
Hot Take: Can Dogecoin Overcome the Hurdle?
Dogecoin’s ability to break past the $0.087 barrier will be crucial in determining its future price. If it successfully surpasses this hurdle, it could potentially double in value and reach a target of $0.14. With growing interest from traders and investors, all eyes are on DOGE as it approaches this major resistance level.
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