Dogecoin’s Price Trajectory
Dogecoin is closely following the overall crypto market trend, which is currently being led by Bitcoin. However, Dogecoin has faced significant downward pressure, resulting in an 8% drop in its price. But there’s hope for a recovery if the meme coin can overcome a crucial level of resistance.
Dogecoin Needs to Break Above $0.11
Crypto analyst Ali Martinez explains that Dogecoin has encountered a complex situation. Using the TD Sequential indicator on the DOGE weekly chart, Martinez observed a sell signal indicating a decline in price between Sunday and Monday. The meme coin is struggling to break through resistance at this level, which could lead to further downside.
The bearish trend could be invalidated if Dogecoin manages to surpass the $0.11 mark. This price level has been a major obstacle for DOGE, preventing its price from rallying in the short term.
DOGE Loses Position to AVAX
One consequence of Dogecoin’s downtrend is its potential removal from the top 10 cryptocurrencies by market cap. Avalanche (AVAX) has surpassed Dogecoin due to its recent surge while DOGE failed to keep up with the market. AVAX now holds the 9th position in terms of market cap, pushing Dogecoin down to 10th place.
AVAX’s market cap currently stands at over $14.6 billion, while DOGE’s market cap is around $13.5 billion. However, if Dogecoin were to rise by another 20%, it could reclaim its position by surpassing AVAX with a market cap of approximately $16 billion.
Hot Take: Dogecoin Faces Resistance and Market Cap Pressure
Dogecoin is currently facing resistance at a crucial level, which has hindered its price rally. To reverse this bearish trend, DOGE needs to break above $0.11. Additionally, the meme coin has slipped from the top 10 cryptocurrencies by market cap, with Avalanche (AVAX) taking its place. However, there’s still a chance for Dogecoin to regain its position if it experiences a significant price increase. The future of Dogecoin remains uncertain as it navigates these challenges.
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