- Dogecoin price is facing selling pressure but could rise by 45% if bulls break through resistance levels.
- Whale activity and above the RSI trendline indicate strong market support for a potential Dogecoin breakout.
According to the Dogecoin price forecast provided in a previous CNF post, traders were cautioned against going long amid consolidation as analysts suggested that Dogecoin could trade between $0.12 and $0.15 in the short term, with upside potential if it breaks through resistance at $0.16.
As a result, Dogecoin price attempted to break through its long-standing resistance structure this month after two failed attempts in May and July. Despite early signs of success, DOGE’s price fell more than 3.2%, marking another setback for the meme coin.
The decline, although not as dramatic, confirms the existing pattern in which sellers continue to dominate key price levels. Although the resistance has not been broken, Dogecoin bulls still have the opportunity to break through a stronger attempt.
If successful, DOGE enthusiasts could see a significant bullish breakout in the near future.
DOGE Bulls Face Selling Pressure at Resistance
An earlier CNF report suggested explosive potential for Dogecoin’s price, predicting a possible rise of up to 550%, with the Coinstore listing indicating an increase in the price of rival Dogecoin. However, although Dogecoin managed to achieve dynamic support, sellers quickly stepped in to sell their assets at this crucial price range. Failure to cross this level on the first try is not entirely a negative factor, since it assumes that the piece is still intact.
However, Dogecoin bulls will need to show more strength to break out of the current structure. If the resistance is finally broken, DOGE could reward its supporters with a wave of green candles and new optimism in the market.
In line with recent events, the current status of DOGE shows that bulls are facing selling pressure at resistance. According to today’s data from CoinMarketCap, Dogecoin (DOGE) is trading at US$0.109with increase 0.52% last day and 7.96% last week. See DOGE price chart below.
