Dogecoin Trading Model Shows Critical Testing At $0.40 Level

Dogecoin has seen significant growth, although still down about 45% from its all-time high of $0.7316 in 2021. The leading memecoin has achieved a significant increase of over 400% at the current time. Currently trading at $0.404, Dogecoin has risen by 5.6% in the past 24 hours. Analysts emphasize the importance of this point, which may impact its market trajectory in the coming days. The recent price increase has attracted the attention of analysts. Famous cryptocurrency analyst Ali discussed the resistance of DOGE in his analysis. Using the decreasing channel on the price chart, Ali notes that Dogecoin is testing a key resistance level. He expresses that maintaining the breakout level above $0.40 could push its price up to $0.43. Failing to do so, the asset could drop again, decreasing in value to $0.36 or even $0.34. Some favorable developments have boosted Dogecoin, boosting investor confidence. A notable event is the establishment of the Department of Government Efficiency (DOGE) in the United States, sharing its abbreviation with the Dogecoin stock symbol. In addition, Valour, a cryptocurrency fund issuer, has launched an Exchange Traded Product (ETP) for Dogecoin. This is the first Dogecoin ETP in the Nordics, expanding Valour's digital asset services. This launch, along with the current market capitalization of about $59.5 billion, highlights the impact of Dogecoin on the market as the 7th largest digital asset globally. Trader Tardigrade analyst has provided a different perspective on the potential trajectory of DOGE. According to him, Dogecoin shows a wave pattern on its macro chart. This pattern could reach its peak, potentially raising the value of Dogecoin to $20.