Is it possible for Dogecoin to surpass the highly anticipated $0.10 mark? The recent investment of 85 million dollars by Robinhood has triggered a small but noticeable surge in the value of DOGE.
Despite the cryptocurrency market correction, Dogecoin (DOGE) managed to maintain its value above $0.087 on Monday, November 19, 2023. The key support level acted as a barrier, preventing DOGE from dropping further. Additionally, the MACD (Moving Average Convergence Divergence) signaled a positive shift in momentum with a bullish crossover.
The bullish crossover on the MACD indicates a reversal in price trend, which is reflected in the 5.2% daily gains for DOGE. Nevertheless, the original memecoin encountered strong resistance at $0.093332, causing a temporary halt in its upward movement. The long-term objective of reaching $0.10 was last observed on November 11, 2023.
The recent price movement of DOGE coincided with a significant transfer of 85,000,943 DOGE tokens to Robinhood by a large whale. This whale then proceeded to make five additional on-chain transfers, splashing a total of $7.2 million worth of DOGE into circulation through the popular American crypto exchange.
A different cryptocurrency whale recently transferred a whopping 64.7 million DOGE to Coinbase, which is widely recognized as the most popular crypto exchange in the United States.
As per the analysis of various cryptocurrency experts, the large-scale transfers by crypto whales had a temporary positive impact on the price of Dogecoin. However, it is believed that breaking through the historically resistant $0.10 price range could trigger a more significant and sustained bullish rally for DOGE.
Moreover, the fundamental support level of $0.095 is significant as nearly 70% of DOGE holders are currently in a profitable position at this price range. This alleviates the selling pressure in the market. The daily Relative Strength Index (RSI) also reflects this sentiment, with a reading slightly below 40 from a 24-hour perspective.
According to a chart presented by crypto analyst Olivier D, the price range between $0.097 and $0.099 is depicted as a critical point for DOGE. Breaking above this range would determine the coin's ability to surpass the barrier it hasn't crossed since Elon Musk's acquisition of Twitter in October 2022.
However, Dogecoin must first sustain above the confluent resistance at $0.095, a level that played a key role in DOGE’s new yearly high of $0.101799 set on December 11, 2023, a day after the 10th anniversary of Dogecoin. At press time, DOGE is changing hands at $0.091235, according to CoinGecko.
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