Dogecoin’s price has struggled at times this year, but the meme token has soared in recent weeks, reflecting the current bullish state of the overall cryptocurrency market. And based on on-chain data, this current price rally may not end anytime soon.
Dogecoin successfully clears all major resistance – what’s next?
In a recent post on This latest on-chain revelation is based on IntoTheBlock’s price data, which revolves around the density of investors who purchased the DOGE token at certain levels.
#Dogecoin has successfully achieved all major resistance levels!
Now that the $0.095 support proves strong – thanks to 63,280 addresses buying 3.2 billion $DOGE – the path seems ready for a journey up. If this support holds steady, we can see it #DOGE aiming for $0.14 next. pic.twitter.com/QmfZ9kY5Dh
— Ali (@ali_charts) December 8, 2023
According to the data provided, the $0.095 level seems to be the last significant resistance area for the DOGE price. And since the meme coin has gained some distance against its price range, the $0.095 area has turned into a “strong support” – thanks to 63,280 addresses purchasing the cryptocurrency at this level.
Looks like there are no significant resistance areas above the current price | Source: Ali_charts/X
The chart above shows what Dogecoin price levels around current value look like in terms of investor density. The size of the dot reflects the number of investors who purchased the meme token in each price range.
As shown in the chart above and highlighted by analyst Ali Martinez, there are no major resistance zones above the current DOGE price. Therefore, it appears that Dogecoin’s value will continue on an upward trajectory.
The crypto analyst said that if the $0.095 support range remains strong, there will be a growing possibility for DOGE to rise to $0.14 in the near future. This represents a substantial 35% rally from the meme coin’s current price.
DOGE price overview
At the time of writing, Dogecoin is valued at $0.103424, reflecting a 6.7% price increase in the last 24 hours. This level of growth over the past day only underlines the meme token’s positive performance in recent weeks.
Based on data from CoinGeckoDOGE price has risen more than 22% in the past seven days. Meanwhile, the cryptocurrency has registered a massive gain of around 35% in one month.
Dogecoin is the tenth largest cryptocurrency in the industry, with a market capitalization of approximately $14.6 billion.
DOGE price continues upward swing on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured image from iStock, chart from TradingView