On-Chain Data Reveals Dogecoin Has Broken All Major Resistance

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

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.

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