Where’s Next Major Dogecoin Resistance? On-Chain Data Points To This 🐶
On-chain data suggests that Dogecoin could encounter a significant resistance level at $0.36, based on the cost basis distribution of investors. Analyst Ali Martinez highlights these critical levels in the UTXO Realized Price Distribution (URPD).
The URPD shows the proportion of Dogecoin's supply acquired at specific prices. Notably, 3.8% of tokens were last purchased at $0.36, a potential resistance point. Investor psychology plays a role in how these levels affect market behavior, with key levels influencing buying or selling reactions.
Major cost basis centers below the current Dogecoin price, such as $0.21, are potential support zones, while those above, like $0.36, may act as resistance areas.
Currently, Dogecoin is priced around $0.237, rising over 37% in the past week.
Source: www.newsbtc.com ↗
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