Dogecoin, the leading memecoin, is preparing to witness a long-term price rally, particularly noteworthy as it could push this asset to unprecedented price levels. As market data shows, the memecoin is set to reach a new price level, but it is facing significant hurdles.
As shown on the weekly timeframe in DOGE's technical chart, this asset has indicated bullish signals after surpassing the $0.259 price mark. This move, achieved in the latter half of July, could not be sustained as the buying side failed to maintain the upward momentum.
Nearly four weeks later, DOGE buyers are struggling to return, with the $0.20 level acting as a support threshold. Although still fluctuating within the mentioned price range, there are no technical signals indicating an impending recovery; fundamental factors are leaning towards bullish.
Specifically, whale activity has intensified as large 'whales' capitalized on the price drop as a buying opportunity. Additionally, DOGECOIN's technical chart shows that the RSI has crossed above 50, signaling increasing buying pressure.
However, the road ahead still holds many challenges for DOGE, which has been unable to maintain the $0.35–$0.45 range achieved earlier this year. Nevertheless, the $1 level seems attainable in the long term if this asset can regain its previous support level and continue its upward trend in the final quarter of the year. However, the growth rate must be reflected in the asset's market capitalization, which is lagging behind long-time competitor Tron.
At the time of this report, DOGE is trading at $0.23 and has lost over 0.93% of its value in the past 24 hours. This decline is similar to that of other top altcoins, most of which are trading in the red. The memecoin is currently valued at $0.23 at press time.
