The Dogecoin (DOGE) market has been downtrend for a while now. Over the past couple of months, the meme coin dipped to a low of $0.08. However, it should be noted that DOGE has risen by over 60% over the past year. The asset was trading at $0.1005 at press time with no significant dips or upticks over the past day.
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Key Price Levels and Market Predictions
Prominent Analyst’s Insight
Prominent cryptocurrency analyst Ali Martinez states that $0.11 is the crucial price to watch. This is because many addresses hold large amounts of Dogecoin at this level. According to the tweet, a staggering 23,400 addresses are holding over 31 billion DOGE. The analyst took to X and said,
“If you’re anticipating a Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding nearly 31 billion DOGE.”
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Will DOGE Be Able To Hit $0.11 By The End of September?
It looks like Dogecoin will end the month on a rather sad note. According to data from Changelly, DOGE will witness a double-digit drop during the last week of September. The asset will conclude the month at a low of $0.08800, a 12% drop from its current price level. On September 30, DOGE will trade at $0.089644, a 10% decline.
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Long-Term Market Outlook
While current and short-term market conditions are bearish, things could change for Dogecoin in the long term. The meme coin could even witness a rise if Elon Musk continues to endorse the asset. Stable market conditions will also aid Dogecoin’s growth. We’ll keep you updated on this topic!