Emily Walker
After a significant rise past $0.3, Dogecoin’s price has been struggling to surpass the $0.4 resistance level for several weeks. A cryptocurrency analyst has shared insights into what might happen if Dogecoin fails to break through this key barrier, indicating potential bearish outcomes and lower price points for the popular meme token.
Dogecoin’s Price If It Doesn’t Hold Above $0.4
The Dogecoin price has entered a consolidation phase after enjoying notable gains this month. Earlier in November, the price jumped from around $0.2 to over $0.4, largely inspired by the bullish sentiment following the elections.
Although many anticipated a smooth transition past the $0.4 level towards new all-time highs, Dogecoin has been stuck, often testing this resistance without yielding a breakout. Crypto analyst Ali Martinez has pointed out in a recent post on X (formerly Twitter) potential bearish scenarios if Dogecoin cannot overcome this resistance.
According to Martinez, the $0.4 level is crucial for Dogecoin’s trajectory, as it could determine whether the coin rallies or declines. He noted that if Dogecoin successfully breaks above this level, it could rise to around $0.43, which would provide more upward potential with fewer obstacles for further growth.
Conversely, if Dogecoin fails to overcome the $0.4 resistance, Martinez predicts a significant decrease in price to around $0.36, and potentially even down to $0.34, which would represent new lows.
Earlier this month, Dogecoin peaked at $0.48, showing remarkable gains in this bullish trend. Although its price has corrected in recent weeks, several analysts, including Martinez, maintain a positive outlook on the future of the meme coin. Previously, the analyst forecasted that Dogecoin could see a substantial increase of 120% to reach $0.82 during this cycle.
Analyst Predicts $1 Surge Ahead
The current price of Dogecoin is around $0.4, reflecting a 3.33% increase over the past day. As the meme coin continues to test this important resistance, analyst Ash Crypto has projected a potential massive surge in the near future.
He provided a chart showing Dogecoin priced at $0.47, indicating that the coin is approaching the $0.5 threshold. Given the current positive price movements, Ash Crypto anticipates that Dogecoin could soon reach the $1 mark.
In contrast, analyst DonAlt holds a more cautious view, indicating he believes the Dogecoin chart clearly shows bearish trends, advising that entering the market now may be disadvantageous. He stressed that Dogecoin needs to reclaim the $0.4 mark on a closing basis to see any significant upward momentum.