Dogecoin (DOGE) shows signs of growth as it breaks local highs and approaches significant resistance levels. Despite ongoing price fluctuations, bullish sentiment remains apparent.
Price Formation of Dogecoin
After multiple failed attempts, the Dogecoin price has marked local highs close to $0.176, hinting towards a rise in the strength of the bulls. However, moving above $0.18 has become tedious and time-consuming due to bear opposition.
Key Resistance Levels
Currently, DOGE price is facing massive upward pressure as it rose above $0.175 for the second time this month, suggesting a strong bearish presence. This level is just below the psychological barrier at $0.18, considered crucial for maintaining the bullish trend. Notably, a significant number of Dogecoin has been stacked around this range.
Analyst Opinions
Popular analyst ALI refers to UTXO realized price distribution and finds $0.18, $0.21, and $0.36 to be the most significant levels. A vast number of DOGE UTXOs were created at these price ranges, indicating potentially large transactions. A rise above $0.18 could serve as an important step towards overcoming bearish pressure if all three resistance levels are successfully tested.
Therefore, further price increase for Dogecoin above $0.18 may become a crucial phase for sustainable bullish movement in the future. However, reaching key resistance levels remains a challenging task.
