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Dogecoin Price Prediction – Why the $0.21-Level May Be Key for a Reversal
Dogecoin has been experiencing a bearish trend in recent times, with the price falling below its May low on June 20th. Despite this downturn, Dogecoin holders shouldn’t panic just yet, as there’s still hope that a similar scenario to August-September 2024 may play out.
Recent data from Glassnode reveals that the cost basis distribution (CBD) heatmap shows three distinct bands of supply within the $0.182-$0.211 area. These failed attempts to hold back the DOGE bears could lead fearful holders choosing to exit at break-even levels, potentially making a stronger recovery more difficult.
However, a similar scenario unfolded in August-September 2024 when Dogecoin was able to recover months later after falling below key demand zones. The possibility of a repeat performance cannot be ruled out entirely, especially considering the exchange outflows seen over the past two weeks.
The $0.21-level is crucial for long-term DOGE bulls as it represents a critical resistance level that must be flipped in order for the bias to shift bullishly.
Source: ambcrypto.com
