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Dogecoin Rockets Beyond $0.20 — Is $0.36 or Even $0.54 Next?

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TL;DR

  • Dogecoin climbs 14% in 24 hours, clearing $0.20 resistance with rising trading volume and momentum.
  • On-chain data indicates weak resistance ahead, with $0.36 as the next major zone of concentration for holders.
  • Chart breakout from falling wedge supports bullish move, with targets near $0.54 under watch.
  • Bit Origin’s $500M DOGE treasury plan and meme coin market growth boost investor confidence.

Dogecoin Breaks Through $0.20 Resistance

Dogecoin moved from $0.21 to $0.24 over a 24-hour stretch ending July 18. The trading range spanned from $0.205 to $0.25, reflecting an 18% price swing. It posted a 14% gain in that time. Over the last seven days, the price rose by 23%.

In particular, trading volume hit $16.8 billion, pointing to heavy activity. Whale accumulation and rising institutional interest are driving demand. The meme coin market overall added $17 billion in July, pushing its market cap to $72 billion.

Crypto analyst Ali Martinez noted that Dogecoin has moved above the $0.20 resistance and outlined the next potential target. 

Blockchain data confirms this area as a likely challenge due to prior buying activity concentrated around that level.

Thin Resistance Between $0.21 and $0.36

According to the Glassnode chart provided by the same analyst, the largest group of DOGE holders acquired their tokens near $0.207, totaling 11 billion coins, about 7.3% of the supply. That zone had acted as a major cap on the price. With the asset now trading above it, attention is shifting upward.

Meanwhile, the next high-volume holding zone is around $0.36, with 5.64 billion DOGE (3.8% of the supply) purchased near that range. Between $0.21 and $0.36, the data shows little concentration of holders, meaning there are fewer likely sell points in this range.

CW commented, 

“$DOGE is about to reach the sell wall zone. If it breaks through the sell wall that exists until $0.293, there will be no more sell walls.” 

The $0.293 level could serve as a temporary cap before any potential move higher.

Chart Pattern Signals Breakout

Dogecoin has also broken out of a falling wedge on the 2-day chart. This pattern has often marked trend shifts in the past. The breakout occurred around the $0.20 level, which now acts as support.

Captain Faibik posted, 

Their chart projects a possible target near $0.5347, over double the current price.

DOGE’s rally comes as Bit Origin announces a $500 million capital plan to create a Dogecoin treasury. This includes equity and debt financing. Open interest in Dogecoin-linked products is also climbing.

The post Dogecoin Rockets Beyond $0.20 — Is $0.36 or Even $0.54 Next? appeared first on CryptoPotato.

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