Amid a market-wide slowdown for many cryptocurrencies, Dogecoin (DOGE) has followed the trend, pausing its gains from previous weeks and lingering in a tight zone between support and resistance based on the price at which holders bought their DOGE.
Indeed, the famous dog meme crypto asset currently stands “sandwiched by two crucial supply walls” – the support wall between $0.071189 and $0.073202 and the resistance wall between $0.073872 and $0.075885, as per the analysis by the renowned crypto market analyst Ali Martinez on November 8.
Specifically, the above support wall is the price area where 199,460 addresses hold 28.59 billion Dogecoin, while the resistance wall stands at a price range at which 124,330 addresses hold 26.95 billion DOGE, according to the chart that the crypto trading expert shared.
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As Martinez added, this support “outstrips resistance in strength, hinting at the potential for an upward breakout.” In other words, if DOGE manages to surpass the area at $0.076, it could proceed toward its next resistance point at $0.083948, the average at which 167,030 addresses hold 10.35 billion DOGE.
Dogecoin price analysis
Meanwhile, DOGE was at press time changing hands at the price of $0.07478, which represents an increase of 0.84% in the last 24 hours, in addition to gaining 11.85% across the previous seven days and advancing 24.34% on its monthly chart, as the latest data suggests.
Judging by the chart data, Dogecoin has already entered the resistance area between $0.073872 and $0.075885 observed by Martinez, and its further progress might depend on positive sentiment around the digital asset as well as the overall mood in the crypto market.
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