Dogecoin (DOGE) is currently caught between two price levels that may dictate its next major price movement. According to crypto analyst Ali Martinez, the meme coin is trading around $0.236 and sandwiched between a significant supply wall at $0.36 and a strong base at $0.21. 💰
On-chain data reveals that resistance lies at $0.36 – where nearly 5.7 billion DOGE were last moved, indicating potential selling pressure if it’s tested again.
In contrast, the $0.21 range is showing strong support with over 11.1 billion DOGE having changed hands in this zone (about 7.5% of the circulating supply). This is the largest cluster of realized price activity outside the meme coin’s all-time high zones.
If Dogecoin prices drop back down to $0.21, it would be the first real line of support.
Zoom out and we see how quickly DOGE has risen from under $0.18 to over $0.23 in less than two weeks. This rapid rally pushed the coin into a high-volume node on the URPD chart. Now, the meme coin is consolidating, and the next move will determine whether it breaks through the resistance at $0.36 or falls back to the support zone at $0.21.
If DOGE manages to break past $0.36, it would signify a strong bullish signal since last time it broke out significantly. However, if the support below $0.21 weakens, it could open doors for a painful price dip.
Two key zones; one crucial decision point. The next move could set the stage for weeks of volatility.