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Following the approval of the spot Ethereum ETF (Exchange Traded Fund) by the United States SEC (Securities and Exchange Commission), the overall crypto market surged significantly, especially meme coins like PEPE, FLOKI, WIF, and BONK. Amid this bullish trend in the crypto meme sector, Dogecoin (DOGE) lagged behind these tokens, experiencing a 1% downside momentum. DOGE could double and hit $0.322 
The reason DOGE is not experiencing upward momentum is due to a resistance level. As of writing, the DOGE coin is encountering strong resistance between $0.166 and $0.171. Additionally, analyzing the current meme trend reveals that nearly 75,000 wallet addresses have accumulated a significant 10 billion DOGE coins near this resistance level.
A crypto analyst shared a similar analysis, noting that once DOGE breaches this resistance level, there is a high chance it could double, with the next key resistance near $0.322. This means if DOGE breaks out above the $0.171 level, it could potentially reach the $0.322 level.
As of writing, DOGE is trading near $0.164 and has experienced a 3% downside momentum, whereas other <a href="https://news.todayq.com/floki-skyrockets-21-whats-behind-this-surge/" rel="noopener noreferrer nofollow">meme coins</a>, including WIF, FLOKI, BONK, and BOME, have seen massive increases of 14%, 13%, 18%, and 11% respectively. Looking at DOGE’s performance over a longer period, in the last 7 days, it has remained stable with a 1% downside move. However, in the last 30 days, DOGE experienced a decent 10% upward momentum. Dogecoin technical analysis and key levels&nbsp; 
According to expert technical analysis, DOGE is looking bearish and there is a high chance it could fall to the $0.154 level. To experience upward momentum, DOGE needs to cross the $0.175 level with a daily candle closing above that level. If this happens, there is a high chance that DOGE could reach the $0.22 level.
In addition to all this, a recent post by the on-chain analytics firmCoinGlass on X (formerly Twitter) highlighted that meme coins are taking over the market. CoinGlass also noted that DOGE, PEPE, BONK, and WIF now hold 4 of the top 10 spots in terms of open interest. This massive open interest underscores the interest of both investors and institutions in these meme coins.

DOGE token price could double if this happens: Analyst

Todayq News

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