As the majority of assets in the cryptocurrency sector are back to trading in the green, Dogecoin (DOGE) is facing a major obstacle to bullish continuation, but if it manages to overcome it, the famous dog-themed meme digital asset might double its price.
Specifically, this major hurdle for Dogecoin currently stands at $0.087, marked by the convergence of the 0.786 Fibonacci level and both the 100-week and 200-week exponential moving averages (EMAs), as observed by the crypto analyst Ali Martinez on November 28.
According to the renowned crypto trading expert, the ninth-largest cryptocurrency by market capitalization “breaking past this barrier could open the gates for DOGE to nearly double its price, aiming for a target of $0.14,” as illustrated in the chart pattern analysis.
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Meanwhile, Dogecoin has recently also recorded a massive milestone of 5 million DOGE addresses with a balance, coinciding with a remarkable surge in Dogecoin’s daily user activity, which saw 168,500 active addresses in one day, the highest engagement in 20 months, as Finbold reported on November 28.
DOGE price analysis
At press time, this crypto asset is trading at the price of $0.0827, which represents a 5.87% gain in the last 24 hours, in addition to advancing 11.02% across the previous seven days and increasing its value by 18.97% on its monthly chart, according to the latest data retrieved on November 29.
All things considered, Martinez’s predictions might indeed come true, considering that DOGE is getting very close to the major resistance he described above, particularly in combination with the massive interest from crypto traders and investors indicated in the address activity.
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