The cryptocurrency market is back to swimming in the sea of red, consolidating the gains acquired since the year’s turn, including Dogecoin (DOGE), and experts are focusing on the key price levels to monitor to get a feeling of where one of the most recognized dog meme tokens could move in the near future.
Specifically, Dogecoin is currently witnessing a support level in the $0.075 range. In contrast, its most significant resistance level rests at the $0.086 mark, as DOGE is gaining traction, as observed in the analysis published by the crypto trading expert Ali Martinez in a tweet on March 2.
As Martinez’s observations show, 44,000 addresses hold 34.38 billion DOGE at the aforementioned support level – purchased at the average price of $0.075, while 92,000 addresses are holding 13.1 billion DOGE at the resistance area – bought at the average price of $0.086.
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Among all the observed addresses, 63.1% of them are in the money (making money at the current price) position, 36.48% are out of the money, and 0.41% are at the money, as the expert’s analysis using the cryptocurrency tracking platform IntoTheBlock demonstrates.
Dogecoin price analysis
Meanwhile, the dog crypto was at press time changing hands at the price of $0.08064, which represents a decline of 1.91% on the day, in addition to having lost 5.23% to its price over the previous week and 8.25% across the past 30 days, as charts demonstrate.
That said, one of the factors that could push the price of DOGE toward the resistance level is the positive news surrounding the token, such as the recent announcement by the Web3 domain provider Unstoppable Domains that it was adding Dogecoin as a payment option for its domain purchases.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
