DOGE: $1 is Still in Sight, But Resistance Remains an Important Barrier

Dogecoin, the leading memecoin, is set to witness a long-term bullish trend, particularly noteworthy as it could take this asset to unprecedented price levels. As market data shows, memecoin is preparing to reach a new price level, but it is facing significant obstacles. As shown on the weekly timeframe in the technical chart of DOGE, this asset has shown bullish signals after surpassing the price level of $0.259. This move, achieved in the second half of July, could not be sustained as the buyers failed to maintain the upward momentum. Nearly four weeks later, the buyers of DOGE are struggling to come back, with the $0.20 level acting as a support threshold. Although still fluctuating within the mentioned price range, there are no technical signals indicating an imminent recovery, while the fundamentals are leaning towards a bullish outlook. Specifically, the activity of whales has intensified as large "whales" take advantage of the price drop as a buying opportunity. Additionally, the technical chart of Dogecoin shows that the RSI has crossed above 50, signaling increasing buying pressure. However, the road ahead is still fraught with challenges for DOGE, which has been unable to maintain the 0.35–0.45 dollar range achieved earlier this year. However, the 1 dollar level seems achievable in the long term if this asset can regain its previous support level and continue the bullish trend in the final quarter of the year. However, the growth rate must be reflected in the market data valuation of the asset, which is lagging behind its long-time competitor Tron. At the time of this report, DOGE is trading at $0.23 and has lost over 0.93% of its value in the past 24 hours. This decline is similar to other leading altcoins, most of which are trading in the red. The memecoin is currently valued at $0.23 at the time of press.