Dogecoin (DOGE) Price Analysis
Even as the broader cryptocurrency market experiences a slowdown, Dogecoin (DOGE) has also seen a pause in its previous gains. It is currently trading within a narrow range between support and resistance levels based on the price at which holders acquired their DOGE.
Supply Walls for Dogecoin
According to crypto market analyst Ali Martinez, Dogecoin is currently “sandwiched by two crucial supply walls.” The support wall ranges between $0.071189 and $0.073202, where 199,460 addresses hold 28.59 billion Dogecoin. On the other hand, the resistance wall ranges between $0.073872 and $0.075885, with 124,330 addresses holding 26.95 billion DOGE.
Future Outlook
Based on the analysis, Dogecoin has already entered the resistance area identified by Martinez. Its future movement will likely be influenced by positive sentiment surrounding the digital asset and the overall market conditions.
Hot Take: Dogecoin’s Holding Pattern
As Dogecoin hovers within a tight range, it remains to be seen how external factors and market sentiment will impact its price movement in the coming days.
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