Once again, the well-known meme bitcoin Dogecoin (DOGE) has attracted a lot of attention in the market. While some analysts see a glowing future, there are several reasons to believe that 2024 won’t see the kind of explosive growth that DOGE saw in 2021. Let’s take a look at the upcoming resistance levels DOGE faces, the elements sustaining its current growth, and the structural issues that which perhaps hinder its future development potential.
Major resistance levels for Dogecoin
Market analyst MadWhale notes that Dogecoin is currently rising, with opposition levels around $0.23 and $0.34. For DOGE, these price points have been very significant obstacles in the past. Powerful selling pressure has caused Dogecoin to struggle to maintain these levels for long periods, despite several efforts. If DOGE were to break above $0.23, the next significant hurdle would be $0.34, a level not reached since the 2021 crypto rally. Nevertheless, even if DOGE overcomes these challenges, certain fundamental flaws will make a return to 2021 highs unlikely. From a starting price of $0.1065 in October to a high of $0.1913, Dogecoin has made noteworthy gains, gaining almost 80%. Analysts are hopeful about the near-term outlook, even after the recent correction to $0.1866. MadWhale highlights that the $0.08 support level was the starting point for the DOGE Index’s bullish rally and was key to the recent rally. If DOGE continues this trend, it could approach $0.34, a further 82% raise. However, given Dogecoin’s fundamental limitations and ongoing issues with its architecture and employ cases, any positive momentum may be short-lived.
Future limits to Dogecoin’s growth
The long-term future of Dogecoin is unclear despite its great comeback, which is due to several factors. One of the main drawbacks of the coin is its useless value outside of speculative trading. Dogecoin was first introduced as a joke, while other popular cryptocurrencies such as Bitcoin and Ethereum were designed with specific uses in mind. Currently, fewer than 2,500 stores worldwide 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 narrow supply of 21 million, Dogecoin’s supply is infinite and approximately 10,000 up-to-date tokens are released into circulation every minute. Unless employ cases raise, this strategy creates constant dilution and makes it arduous for DOGE to sustain significant long-term price increases.
Dogecoin’s development activity has also declined dramatically over the years. 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 means that Dogecoin lacks continuous innovation and improvement, which limits its growth potential compared to initiatives with robust development communities and roadmaps. Dogecoin’s price continues to be heavily influenced by speculative hype cycles, typically triggered by social media activity. The coin is quite inconsistent and impossible to predict because it relies so heavily on community-driven desires, without any significant technological development or practical application. The extreme noise seen in 2021 helped explain some of the rapid gains; this may not be replicable in the current market.
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Rexas Finance (RXS): an captivating alternative
Although Dogecoin faces many challenges, a up-to-date coin called Rexas Finance (RXS) is attracting attention in the crypto scene due to its approach to tokenizing real-world assets. This up-to-date project presents a artistic solution by giving investors access to real assets based on blockchain. With Stage 5 77.84% complete, Rexas Finance is garnering massive pre-sale support. After raising $6.19 million of the $8.6 million target, the token was valued at $0.07 and sold 120.6 million of the $155 million. Rexas Finance’s $1 million RXS token giveaway program – which has already received 194,942 entries – is one of the hallmarks that attracts investors to the company. This offer includes $50,000 in RXS per person and honors 20 winners, thus promoting community engagement and expanding the scope of Rexas Finance. Additionally, in the first quarter of 2025, Rexas Finance is planned to be listed on three leading stock exchanges with an expected listing price of $0.2. The initiative also completed a security review by Certik, strengthening investor confidence. Given the expected bull market and the rising price of Bitcoin, reg Finances switching to real-world asset tokenization can result in incredible profits of up to 20,000%.
Application
Dogecoin’s short-term price movement could be really robust, with possible increases to $0.23 and maybe $0.34. However, its long-term development may be hampered by structural problems and few practical applications. Rexas Finance’s real-world asset tokenization approach, pre-sale momentum and growing community engagement provide a compelling substitute for investors looking for better returns, positioning it as a potential choice for those looking for coins beyond memes.
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