Where’s Next Major Dogecoin Resistance? On-Chain Data Points To This
On-chain data indicates significant resistance levels for Dogecoin based on investor cost basis distribution. The last major purchase occurred at $0.36, where 3.8% of the total supply was acquired. The closest notable support level is $0.21, representing 7.5% of the supply. Investor psychology plays a crucial role; holders may react differently during price retests based on their cost basis. If retesting occurs from above in a bullish market, profit-holders may buy, viewing price declines as dips. Conversely, loss-holders might sell to exit at break-even. Thus, the levels at $0.21 and $0.36 are critical, potentially acting as support and resistance, respectively. Currently, Dogecoin is priced at approximately $0.237, reflecting a 37% increase over the past week.
