The Dogecoin price has broken through a resistance level that it has been struggling with for almost 900 days. This resistance was difficult for the project because it was a declining resistance line. The chart below shows how the descending resistance line has further depressed the Dogecoin price over the past 900 days.
Now the resistance has been broken and the path for Dogecoin to rise further seems clear. What can we expect from Memecoin?
Dogecoin price broke
This means that Dogecoin has broken a resistance line that has affected it for a total of 900 days. The chart above shows how memecoin has suffered from this resistance level since its all-time high of $0.740 in May 2021.
Ultimately, the decline reached a low of $0.049 in June 2022. From this level, Dogecoin rose again to the current price of $0.06933. But at this rate, it’s still VERY far from the 2021 record.
However, this does not alter the fact that it can be described as optimistic that Dogecoin has finally managed to break the 900-day resistance.
The only downside to memecoin is that the Relative Strength Index (RSI), a key indicator of momentum in technical analysis, currently offers little reason for optimism.
What do analysts say?
Twitter (or ZAYKChart published the same long-term downward trend line that we showed earlier in this article. He believes the Dogecoin price is poised for a massive uptrend.
Rovercvc still believes that Dogecoin has the potential to outperform Bitcoin as the DOGE/BTC chart is currently trading at a key support point.
RektCapital is not so sure about that yet. According to him, Dogecoin has not yet left the long-term trendline.
All in all, this makes for a complicated situation for memecoin, although it seems like most analysts are bullish on Dogecoin at the moment.
Source: BTCDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
