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Dogecoin (DOGE), the leading memecoin in the cryptocurrency market, is showing signs of a potential bullish trend following a significant 16% price recovery. Analysts suggest that for Dogecoin to solidify this upward momentum, it must surpass a crucial resistance level.
Dogecoin Eyes New Bullish Trend Amid Market Recovery
The recent price movements of Dogecoin have been influenced by broader market trends and macroeconomic factors, particularly the fallout from President Donald Trump’s tariff policies.
After reaching a yearly high of $0.4350 on January 18, Dogecoin experienced a dramatic decline, plummeting 67% to a low of $0.1430 on March 11. However, the recent positive performance indicates that a new bullish wave may be emerging.
Market analyst Ali Martinez has pointed in a recent social media post on X (formerly Twitter) to the SuperTrend indicator, a technical analysis tool that helps identify price trends, suggesting that Dogecoin could enter a bullish phase if it successfully breaks through the resistance level at $0.21.
The analyst further identified the key support floor for the Dogecoin price at $0.177, which will be crucial in determining whether the token can sustain its recovery or if it will face another downtrend.
Should Dogecoin fail to hold this support level, it could revisit once again the $0.14 price point, where significant buying pressure previously helped support the price. This scenario could erase the gains made over the last two weeks.
Eyeing $0.50 And Potential All-Time High Of $1.60
Adding weight to Martinez’s analysis, data from Glassnode reveals that 7% of Dogecoin’s total supply is concentrated at the $0.20 mark, which is the third-largest concentration after $0.17 and $0.07.
According to Glassnode, this concentration suggests that the $0.20 level may act as a formidable resistance point in the near term, as many wallets likely acquired their holdings at lower prices.
In a more positive note for the token and despite the current uncertainties surrounding Dogecoin’s price, analysts remain optimistic about the memecoin’s long-term prospects.
According to experts like AMCrypto, Dogecoin has recently tested a multi-year support trendline, indicating a potential for sustained upward movement. “Memes are slowly moving up now, and I expect DOGE to lead the rally,” one analyst stated, setting a target of $0.50 in the second quarter of the year.
Other analysts, including ChartingGuy, have suggested that Dogecoin could aim for a new all-time high of $1.60, representing a staggering potential increase of 742% from its current levels and surpassing its previous record of $0.7316.
Featured image from DALL-E, chart from TradingView.com
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