DOGE rose 12.3% in 24 hours, crossing the $0.20 resistance and now trading at $0.2355.
Market cap climbed to $35.52B, while 24-hour trading volume surged 43.64% to $4.48B.
The key hurdle remains $0.2363, with a larger resistance cluster around $0.36 based on on-chain data.
Dogecoin has been able to overcome the resistance level of $0.20, reflecting a significant development in its current price trend. The digital currency is currently trading at $0.2355, reflecting a solid 12.3% increase over the previous 24 hours.
Market movement reflects increased investor interest, supported by a 24-hour trading volume of $4.48 billion, up 43.64%. Such a push puts Dogecoin at the cusp of challenging the next major resistance level of $0.2363.
Rising Market Strength and Capitalization
Present statistics reflect a large increase in market cap, which stands at $35.52 billion, an increase of 12.99% from highs previously reached. The growth reflects strong buying pressure, driven by improved market sentiment around the token. The fully diluted value (FDV) also stands at $35.52 billion, which is reflective of a consistent trend relative to the overall supply impact.
Aside from that, the support level of $0.2085 is still a cushioning for traders since the price remains above it. Having been able to maintain support has been instrumental in maintaining the momentum established over the last 24 hours.
Key On-Chain Insights Indicate High Accumulation Zones
An analysis of UTXO Realized Price Distribution (URPD) from Glassnode highlights critical accumulation clusters for Dogecoin. The largest realized price concentration appears around $0.08, reflecting historical entry points for a substantial volume of tokens. Another notable cluster exists near $0.20, where the market recently witnessed strong resistance before breaking higher.
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Importantly, a significant realized value sits close to $0.36, which aligns with the next major resistance target. Historical data suggests that surpassing this level could reduce selling pressure from long-term holders who acquired positions during previous peaks.
Dogecoin Eyes Breakout as Key Resistance Nears
The current action in Dogecoin indicates a robust momentum based on increased liquidity and buyer interest. This token is now nearing a critical resistance level around 0.2363 and may determine the short-term price movement breakout. Market participants also pay attention to whether this level will turn into new support or lead to consolidation.
Moreover, the price would likely move up to the $0.36 resistance, which consists of a significant historical area of supply. Traders must, however, be wary of the current support at around $0.2085 that is acting as an important breakpoint against any downside retracement.
