Dogecoin [DOGE] investors have been rooting for the asset to hit $1 for the longest time. The meme coin, despite garnering endorsements from the world’s richest man, Elon Musk, has struggled in terms of its price. An analyst, however, pointed out that the cryptocurrency has a strong resistance level that it has been trying to breach.
According to Ali Martinez, $0.086 has been a pertinent resistance zone with 92K addresses holding 13 billion DOGE. In addition to this, with 44K addresses holding over 34 billion coins, $0.075 has been acting as a prominent level of support.
At press time, Dogecoin was trading for $0.08069 with a 1.90% daily drop. Considering the latest market sentiment, DOGE could have a tough time moving past the above mentioned level of resistance.
Dogecoin’s short-term price chart was exhibiting a bearish notion. The Parabolic SAR indicator formed dotted lines over the candlesticks further restricting any sort of upward movement. The MACD indicator was bullish throughout last week and at the beginning of this week. However, the signal line was slowly trying to overpower the MACD line. With this, Dogecoin was entering the bearish realm.
Taking this into consideration, Dogecoin could struggle to push past $0.086.
However, on a positive note, Dogecoin managed to beat Polygon [MATIC] in terms of ranking and market cap. Currently, DOGE stands as the eighth largest cryptocurrency with a market cap of $10.70 billion.
Dogecoin bags listing on a name service platform
March started on a good note for Dogecoin. The world’s largest meme coin has now been onboarded by Unstoppable Domains as a payment option.
The firm already has assets like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and others.
Long wallet addresses can be replaced with short, crypto-centric domain extensions, thanks to the blockchain company’s decentralized name service technology, which enables self-owned, unique public addresses.