Once again, the well-known Bitcoin Dogecoin (DOGE) meme has generated a lot of interest in the market. Although some analysts see a bright future, there are several reasons to believe that 2024 will not deliver the explosive increases DOGE saw in 2021. Let’s look at the next resistance levels DOGE will face, the elements supporting its current surge and the structural problems that may be hampering its future. development potential.
Key Resistance Levels for Dogecoin
Market analyst MadWhale notes that Dogecoin is currently rising with opposition levels located around $0.23 and $0.34. For DOGE, these price levels have always been very significant obstacles. The heavy selling pressure has caused Dogecoin to struggle to maintain these levels for extended periods despite several efforts. If DOGE rises above $0.23, the next significant hurdle would be $0.34, a level not seen since the cryptocurrency boom of 2021. Nonetheless, even if DOGE overcomes these challenges, certain fundamental flaws make it unlikely a returning to its 2021 highs. From a starting price of $0.1065 in October to a high of $0.1913, Dogecoin has made notable gains, appreciating by almost 80%. Analyzers are optimistic about the immediate term, even after a recent adjustment to $0.1866. MadWhale highlights that acting as a launching pad for DOGE’s rise, the $0.08 support level has been crucial for the recent rise. If DOGE continues this trend, it could approach $0.34, an additional 82% increase. However, given the fundamental constraints and ongoing issues with Dogecoin’s architecture and use cases, any positive momentum could be fleeting.
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Limits to Dogecoin’s Future Growth
Dogecoin’s long-term future is clouded despite a big comeback due to several factors. One of the major drawbacks of the coin is its useless value outside of speculative trading. Dogecoin was first presented as a joke, while other top cryptocurrencies like Bitcoin and Ethereum were intended with certain uses in mind. Fewer than 2,500 stores worldwide currently accept DOGE as a payment method, limiting its acceptance and value compared to other major cryptocurrencies. The inflationary nature of Dogecoin further complicates its attractiveness as an investment. Unlike Bitcoin, which has a limited supply of 21 million, Dogecoin’s supply is infinite and around 10,000 new tokens are released into circulation every minute. Unless its use cases expand, this strategy adds to continued dilution and makes it difficult for DOGE to sustain notable price gains in the long term.
Over the years, Dogecoin development activity has also declined significantly. With only 21 full-time developers working on the project, Electric Capital’s latest study ranked Dogecoin 81st in terms of developer engagement. This low level of development implies that Dogecoin lacks continuous innovation and improvement, thus limiting its growth potential compared to initiatives including strong development communities and roadmaps. The price of Dogecoin is still heavily influenced by speculative hype cycles, usually triggered by social media activity. The coin is quite irregular and impossible to predict as it relies heavily on community desire without significant technological development or practical use. The extreme hype seen in 2021 has helped explain some of the rapid increases; this may not be replicable in today’s market.
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Rexas Finance (RXS): an interesting alternative
Although Dogecoin presents many challenges, a new currency called Rexas Finance (RXS) is generating interest in the crypto scene for its approach to tokenizing real assets. This new project presents a creative solution in giving investors blockchain-based access to real assets. With Stage 5 being 77.84% complete, Rexas Finance garnered huge support during its pre-sale. After raising $6.19 million of its $8.6 million target, the token is priced at $0.07 and has sold 120.6 million out of 155 million. Rexas Finance’s $1 million RXS token giveaway program, which has already received 194,942 entries, is a distinctive feature that attracts investors to the company. With $50,000 in RXS each, this offer honors 20 winners, promoting community involvement and increasing the reach of Rexas Finance. Rexas Finance is also scheduled for listing on three leading exchanges in the first quarter of 2025, with an expected listing price of $0.2. The initiative also underwent a security review by Certik, boosting investor confidence. Given the expected bull market and rising Bitcoin price, Rexas Finance moving to tokenization of real-world assets could lead to incredible gains, up to 20,000%.
Conclusion
Dogecoin’s near-term price action could be very robust, with possible increases up to $0.23 and perhaps $0.34. Its long-term development could nevertheless be hampered by structural problems and the lack of practical applications. Rexas Finance’s real-asset tokenization approach, pre-sale momentum, and growing community involvement offer a compelling substitute for investors looking for better returns, placing it as a potential choice for those looking for coins currency outside of memes.
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