Analysis of the reasons why the rise of Dogecoin prices is blocked
Current trend
Dogecoin (DOGE) has recently risen by 15%, but it has encountered resistance at the third quarter support level of $0.12, failing to catch up with the 36% rise of Shiba Inu Coin (SHIB). Although DOGE still has the potential to rise by 33%, it needs to overcome some key obstacles.
Key support and resistance
DOGE has been below $0.12 since the end of July. If it can break through the 200-day moving average ($0.13), it may accelerate to $0.16. However, if the price falls to $0.12, the bullish outlook will be destroyed.
Market dynamics
Despite the strong performance of the futures market, short positions were liquidated for about $5 million, and 75% of holders had unrealized profits at $0.12, which may lead to profit-taking and affect the price recovery.
The impact of miners
Miners have been holding tokens steadily since August, which has reduced supply pressure and helped DOGE's upside.
