Dogecoin, the leading memecoin, is preparing to witness a long-term price increase, particularly noteworthy as it could push this asset to unprecedented price levels. According to market data, this memecoin is set to reach a new price level but is facing significant barriers.
As shown on DOGE's weekly technical chart, this asset has shown positive signals after surpassing the $0.259 price mark. However, this move, achieved in the latter half of July, could not be maintained as buyers failed to keep the momentum.
Nearly four weeks later, DOGE buyers are struggling to return, with support at $0.20. Although still fluctuating within the mentioned price range, there are no technical signals indicating an upcoming recovery; fundamental factors are leaning towards the positive.
Specifically, whale activity has increased as large 'whales' have taken the opportunity to buy during the price drop. Additionally, DOGECOIN's technical chart shows that RSI has crossed above 50, signaling increasing buying pressure.
However, the journey ahead remains challenging for DOGE, which has been unable to maintain the price range of $0.35 to $0.45 achieved earlier this year. However, the $1 mark seems attainable in the long term if this asset can recover its previous support level and continue the upward trend in the last quarter of the year. However, the growth rate must be reflected in the market capitalization of the asset, which is lagging behind long-time rival Tron.
At this time, DOGE is trading at $0.23 and has lost more than 0.93% in value over the past 24 hours. This decline is similar to other leading alternative coins, most of which are trading in the negative. The memecoin is currently valued at $0.23 at the time of the press.
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