A key resistance at $0.11, involving over 23,000 addresses with over 31 billion DOGE ready to short, may further hinder DOGE's price rise.
Despite a decline in price over the past five months, recent developments ahead of Q4 2024 have raised questions about a potential breakout.
A key resistance point at $0.11, involving over 23,000 addresses with over 31 billion DOGE ready to short, may further hinder DOGE’s price rise.Looking at the price action of Dogecoin, the recent patterns suggest a downward bias. Historically, DOGE/USDT pairs formed triangle patterns that led to price surges.
The recent rejection at the $0.11 level highlights the potential for more downside movement. If the price breaks below $0.092, a further decline could follow due to large-volume shorts from whales.On the flip side, if DOGE manages to break above the resistance, traders must reevaluate the price action to avoid being caught off guard.Liquidation levels for DOGE also paint a mixed picture. A cluster of $219K worth of long liquidations sits above the $0.
Following this, the next price target after the downward move could be $0.109, given the previous rejection from this level.In terms of holding distribution, the number of addresses holding more than 10 billion DOGE has remained constant, while those holding more than 1 billion DOGE have decreased by 2.29%.
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