In an environment where many cryptocurrencies are slowing down across the market dogecoin (DOGE) also followed the trend and stopped its gains in previous weeks. In this context, it remained in a narrow zone between support and resistance depending on the price at which owners purchased their DOGE.
Famous crypto- According to analysis by market analyst Ali Martinez on Nov. 8, the crypto asset is currently “stuck between two significant supply walls” – the support wall between $0.071189 and $0.073202, and the support wall between $0.073872 and $0.075885. wall of resistance between them.
Specifically, the support wall above is a price area where 199,460 addresses hold 28.59 billion Dogecoin, while the resistance wall stands in a price range where 124,330 addresses hold 26.95 billion DOGE, according to the chart shared by the crypto trading expert.
Koinfinans.com As we reported, Martinez also stated like, this support “indicates the potential for an upside breakout, leaving resistance behind.” In other words, if DOGE manages to surpass the $0.076 area, it could move towards the next resistance at $0.083948, which is the average where 167,030 addresses hold 10.35 billion DOGE.
Meanwhile, DOGE is trading at $0.07478, an increase of 0.84% in the last 24 hours at the time of writing, in addition to rising 11.85% in the previous seven days and advancing 24.34% on the monthly chart, according to the latest data.
Judging by the chart data, DOGE has already entered the resistance area between $0.073872 and $0.075885 observed by Martinez. Its further progress may depend on the positive sentiment around the digital asset as well as the general mood in the crypto market.
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