Dogecoin ($DOGE) Price Faces Short-Term Correction After Retesting Resistance Level of Around 43 Cents

Following an impressive rally in the past five weeks, Dogecoin ($DOGE) price faces a short-term correction after retesting a major resistance level of around 43 cents.

Dogecoin ($DOGE) price encountered a short-term correction after retesting a major resistance level of around 43 cents, following an impressive rally over the past five weeks.

The leading meme coin, which has a fully diluted valuation of about $54 billion and an average daily trading volume of around $15.3 billion, formed a potential reversal pattern on the four-hour time frame.

Dogecoin price formed a potential double top, coupled with a bearish divergence on the Relative Strength Index (RSI), after being rejected twice at the resistance level of around 43 cents over the past few days.

Dogecoin Bullish Sentiment Builds Ahead

Dogecoin price is preparing to enter the most exciting phase of the 2024/2025 bull market cycle from a macro perspective. Moreover, the meme coin leader has been forming higher highs and higher lows on the weekly time frame since October last year.

#Dogecoin next stop: $0.9 ?$DOGE is forming another Bull Pennant. The previous pennant brought $doge from .2 to

.3 while the current one is aiming at

.9 pic.twitter.com/kAotib7dPJ

In the shorter time frames, Dogecoin price has established a support level above 35 cents, which could be a basis for the next rally towards 90 cents. In case of a potential breach of the support level of around 35 cents, the DOGE price should find a robust support range between 30 cents and 26 cents.

Curious about Dogecoin’s future? Get the inside scoop with our latest Dogecoin price prediction and stay ahead of the game!

Whale Investors in the Clear

The Dogecoin network has continued to expand globally, with over 5.3 million on-chain holders as of this report. The unwavering support from tech billionaire Elon Musk, which inspired the creation of the D.O.G.E program to enhance US government efficiency, has helped the meme coin attract more whale investors.

#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy According to on-chain data analysis provided by Santiment, Dogecoin whales purchased 140 million DOGE units, worth over $56 million, in the past 24 hours.

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