The Dogecoin price has recently stopped rising after hitting a major resistance level. This has caused many investors to look for other cryptocurrencies to invest in.
The cryptocurrency market is no stranger to volatility, and in recent weeks, the Dogecoin price has experienced a notable pause. Dogecoin’s price hit a key resistance level earlier this month, causing its growth to slow down. Now, experts are focusing on a new altcoin called Fartcoin. As investors shift their attention to this Solana-based coin, Dogecoin’s price stays flat. This has many people wondering what’s next for Dogecoin.
Dogecoin Faces Resistance After 10% Surge
Dogecoin price rose nearly 10% on Wednesday but then hit a key resistance level. This stopped its upward movement. As a result investors are becoming more cautious about its future. The price pause could mean Dogecoin is forming a pattern called a double-top, which often signals a price drop soon.
Dogecoin’s Price Could Retrace to $0.3107
The Dogecoin price has reached a key resistance level around $0.40, which was its highest point on January 5. On the daily chart this could mean a double-top pattern is forming. A double-top pattern is a common sign of a possible price drop. This is concerning for Dogecoin price investors, as it could signal a reversal.
If the pattern happens, the Dogecoin price could first drop to $0.3107. If selling pressure grows, it could fall even more, possibly reaching $0.2637, which was its lowest point in December.
The double-top pattern suggests Dogecoin might drop, but there’s still a chance it could rise. If the price breaks above $0.40, it may avoid falling and keep going up. This could push the price to $0.4837, a 26% increase from its current level.
Fartcoin Surges 6,000% Amid Dogecoin’s Pause
As the Dogecoin price slows down many investors are looking at newer meme coins like Fartcoin. Fartcoin, built on the Solana blockchain, has been getting a lot of attention because of its strong price growth and positive investor interest.
Since December, Fartcoin has risen by over 6,000%, and its market value has exceeded $1.2 billion. This huge growth has made Fartcoin one of the top performers in the altcoin market. A big reason for its success is its popularity among crypto experts, with several large transactions happening recently. In fact, six separate buys worth more than $1 million each show strong interest from big investors.
Fartcoin Shows Strong Recovery After Recent Dip
Fartcoin’s price chart shows a strong recovery in the past few days. After dropping to $0.6800 last week, the coin has been rising steadily. This rise is supported by an upward trendline since December 5. As the price nears resistance at $1.2966, investors are watching for a possible breakout.
If Fartcoin breaks above this resistance level, it could keep rising, possibly hitting a new high of $1.6108. The price could reach $2 if the momentum continues. But if it drops below $1, the outlook will change, and the price may fall again.
In conclusion, Dogecoin’s market has stalled after reaching a key resistance level, making investors more cautious. Although Dogecoin rose by 10% recently, its price has now paused, and patterns like a double-top suggest it might drop. As a result, investors are looking at other cryptocurrencies, like Fartcoin, which has gained a lot of attention after rising 6,000% since December.
This rise has positioned Fartcoin as a major player in the altcoin market, especially after drawing interest from large investors. Despite the uncertainty around Dogecoin’s future, the cryptocurrency still has potential for growth if it surpasses its current resistance. In contrast, Fartcoin’s recent positive momentum suggests that it may continue its upward trajectory, though its price could be volatile if it fails to break key resistance levels. Ultimately, the shifting focus on newer coins indicates a changing landscape in the cryptocurrency market.
Also Read: Solana Coin Bullrun Surges 300% as PEPE & SHIB Accumulate
