Dogecoin: Experts Monitor Key Levels Amidst Crypto Market Turmoil
The cryptocurrency market is experiencing a downward trend, including Dogecoin (DOGE), after gaining ground since the start of the year.
Experts are now closely watching key price levels to determine the future direction of this popular meme-based token.
Currently, Dogecoin is receiving support at $0.075, with its primary resistance level being $0.086. This has been noted in the analysis shared by Ali Martinez, a cryptocurrency trading expert, on March 2 via Twitter.
According to Martinez, 44,000 addresses hold 34.38 billion DOGE at the support level, purchased at an average price of $0.075, while 92,000 addresses hold 13.1 billion DOGE at the resistance level, bought at an average price of $0.086.
Of all the addresses analyzed by the cryptocurrency tracking platform IntoTheBlock, 63.1% are currently in the money, 36.48% are out of the money, and 0.41% are at the money.
At the time of writing, DOGE was being traded at $0.08064, indicating a decrease of 1.91% within the day, with a 5.23% drop over the previous week and an 8.25% decline over the past 30 days.
However, positive news, such as adding DOGE as a payment option for domain purchases by Web3 domain provider Unstoppable Domains, could help drive DOGE’s price toward the resistance level.
Who left the $DOGE out? We did! 🐕
You can now buy Unstoppable domains using @dogecoin.
Much ownership. Very currency. Such excite. 👏 #DogeFam
— unstoppable.nft (@unstoppableweb) March 1, 2023