On-Chain Data Reveals Dogecoin Has Broken All Major Resistance – DOGE Price To $0.15?
December 09 2023 - 2:25AM
NEWSBTC
The price of Dogecoin has sometimes struggled this year, but the
meme token has been on such a great run in the past few weeks,
mirroring the current optimistic condition of the general
cryptocurrency market. And if on-chain data is anything to go by,
this current price rally might not be coming to an end anytime
soon. Dogecoin Successfully Clears All Major Resistance – What’s
Next? In a recent post on X, prominent analyst Ali Martinez
revealed that the Dogecoin price has successfully cleared all major
resistance levels. This latest on-chain revelation is based on
IntoTheBlock’s price data, which revolves around the density of
investors who bought the DOGE token at certain ranges. #Dogecoin
has successfully cleared all major resistance levels! With the
$0.095 support proving strong – thanks to 63,280 addresses buying
3.2 billion $DOGE – the path looks set for an upward journey. If
this support remains firm, we could see #DOGE aiming for $0.14
next. pic.twitter.com/QmfZ9kY5Dh — Ali (@ali_charts) December 8,
2023 According to the provided data, the $0.095 level seems to be
the last significant resistant area for the DOGE price. And since
the meme coin has gained some distance over the price range, the
$0.095 area has flipped into a “strong support” – thanks to 63,280
addresses buying the cryptocurrency at this level. Looks like there
are no significant resistance areas above the current price |
Source: Ali_charts/X Related Reading: Solana-Based Meme Coin
Outperforms Dogecoin, Shiba Inu To Become 3rd-Largest The chart
above shows how the Dogecoin price levels around the current value
look in terms of the density of investors. The size of the dot
reflects the number of investors who bought the meme token at each
price range. As displayed in the above graph and highlighted by
analyst Ali Martinez, there are no major resistance zones above the
current DOGE price. Hence, the value of Dogecoin looks set to
continue on an upward trajectory. The crypto analyst said that if
the $0.095 support range continues to hold strong, there is a
growing possibility for DOGE to climb as high as $0.14 in the near
future. This represents a substantial 35% rally from the meme
coin’s current price point. DOGE Price Overview As of this writing,
Dogecoin is valued at $0.103424, reflecting a 6.7% price increase
in the past 24 hours. This level of growth in the last day only
underscores the meme token’s positive performance in the past few
weeks. Based on data from CoinGecko, the DOGE price has increased
by more than 22% in the past seven days. Meanwhile, the
cryptocurrency has registered roughly a massive 35% gain in a
single month. Related Reading: Bitcoin Has Been In A Class Of Its
Own For The Last 10 Years, Top Expert Says Dogecoin ranks as the
tenth-largest cryptocurrency in the sector, with a market cap 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
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