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Dogecoin Rockets Beyond $0.20 — Is $0.36 or Even $0.54 Next?
The cryptocurrency market has witnessed a remarkable surge in the value of Dogecoin (DOGE), as it has broken past the critical resistance level of $0.20, with a significant 14% daily gain. This sudden rise has led to speculation about potential future price targets.
As outlined by crypto analyst Ali Martinez, Dogecoin’s price movement above the $0.20 barrier sets its sights on the next major hurdle at $0.36. The tweet highlights that this area is expected to provide resistance due to prior buying activity concentrated around that level.
Market data confirms this prediction, as Glassnode charts reveal a significant concentration of DOGE holders who acquired their tokens near $0.207, representing approximately 7.3% of the total supply. With the asset now trading above it, focus shifts upward toward the next high-volume holding zone at $0.36, where an additional 5.64 billion DOGE (approximately 3.8% of the supply) was purchased.
Interestingly, between $0.21 and $0.36, there is little concentration of holders, signifying fewer likely sell points in this range. This observation strengthens the case for a potential continuation of the upward trend.
Furthermore, chart patterns indicate a shift in momentum. Dogecoin has broken out of a falling wedge on its 2-day chart, which has historically signaled significant price movements. The breakout occurred at the $0.20 level, now acting as support. This development may propel DOGE toward a parabolic rise, with projected targets near $0.54.
The recent surge can be attributed to various factors, including institutional and whale accumulation, as well as the announcement of Bit Origin’s $500 million capital plan aimed at creating a Dogecoin treasury. Furthermore, the overall meme coin market growth has contributed significantly to the price increase, with a notable addition of $17 billion in July.
As a result, DOGE enthusiasts are eager to know if this impressive rally can continue and potentially reach new heights. The answer lies in Dogecoin’s ability to surpass the psychological barrier at $0.36, which would validate its current uptrend.
Source: cryptopotato.com
