31 Billion DOGE: What Could Happen to Dogecoin's Price?

Dog-Themed Dogecoin (DOGE) Eyes Breakout, Key Resistance at $0.11

The price of Dogecoin (DOGE) has remained relatively stable in recent months, hovering between key support and resistance levels. Investors are eagerly anticipating a potential breakout that could lead to significant gains.

According to crypto analyst Ali Martinez, the crucial price point to monitor is $0.11, where a substantial number of addresses hold significant quantities of DOGE. In a recent tweet, Martinez highlighted:

"If you're anticipating a Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding approximately 31 billion DOGE."

If Dogecoin surpasses and maintains above $0.11, the next resistance levels to watch are $0.138, near the daily SMA 200, and $0.143. The potential upside momentum depends on market sentiment.

Conversely, if DOGE declines further from current levels, it may revisit lower support levels, with $0.08 emerging as a strong support.

Eyes on Dogecoin's Next Move

In the coming days, the focus will be on whether Dogecoin can break through the $0.11 barrier and initiate a bullish trend. However, investors and traders should monitor market sentiment and broader economic conditions, which could influence DOGE's movement.

Fed Meeting Impact

Cryptocurrencies, including DOGE, experienced a dip on Tuesday due to the impending Federal Reserve's monetary policy meeting. Policymakers are expected to announce an interest rate cut, potentially providing market stability .

At the time of writing, Dogecoin is trading at $0.101, down 0.76% in the past 24 hours and 2.61% weekly.