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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

On-Chain Data Reveals Dogecoin Has Broken All Major Resistance – DOGE Price To $0.15?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
SUI Price

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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.

Dogecoin

Looks like there are no significant resistance areas above the current price | Source: Ali_charts/X

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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.

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Dogecoin ranks as the tenth-largest cryptocurrency in the sector, with a market cap of approximately $14.6 billion.

Dogecoin

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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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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