As Dogecoin (DOGE) consolidates below a key area, some analysts suggest that the market’s recent bullish momentum and whale accumulation could push the memecoin’s price above a crucial resistan level soon.
Dogecoin Big Price Move Faces Strong ResistanceOn Tuesday, Dogecoin continued to move sideways between the $0.093-$0.096 price range after failing to break above a crucial resistance level. Amid last week’s market pump, the leading memecoin broke out of the $0.096 barrier for the first time in two weeks, briefly touching the $0.10-$0.102 resistance on Friday.
In addition, large holders have accumulated over $330 million in Dogecoin over the past week, signaling key demand and confidence in the largest memecoin by market capitalization.
To the analyst, only a sustained close above $0.10 could push the memecoin toward the local range highs and open the door to a retest of the upper resistance at $0.12, a level untested since mid-February.
DOGE’s Macro Chart Eyes Parabolic RunIn a series of X posts, Market observer Trader Tardigrade stated that Dogecoin is “showing strong signs” that its downtrend is losing momentum, pointing out that selling pressure appears to be fading.
He also shared a macro outlook, affirming that Dogecoin’s launchpad, the setup before a massive surge, is “in place.” According to the chart, this setup formed between 2016 and 2017 and led to a massive rally toward its 2018 all-time high (ATH) of $0.175.
“The broader formation keeps Cycle 3 in focus, while the market watches to see whether this phase develops like the earlier ones,” Bitcoinsensus stated.
