The latest on-chain data shows that Dogecoin (DOGE) is approaching a potential resistance area during its upward movement. According to the UTXO Real Price Distribution (URPD) chart released by analyst Ali Martinez, about 3.8% of DOGE's circulating supply was last transferred around $0.36. This position forms a significant 'cost concentration area' and may constitute a strong selling pressure zone in the future.
URPD is a key on-chain indicator used to analyze the supply distribution of DOGE at specific price levels. By tracking the historical trading prices of each token, it helps identify the cost basis of investors in the market.
$0.21 and $0.36 constitute key support and resistance ranges.
Currently, DOGE is fluctuating around $0.237, and URPD data shows that $0.21 and $0.36 are the most densely distributed cost areas on the downside and upside, respectively.
About 7.5% of DOGE's supply was transferred near $0.21, indicating that this position has strong support attributes; while $0.36 may become the main resistance level in the near term.
Investor psychology determines the market reaction at key levels.
On-chain data not only reveals important price levels from a technical perspective but also reflects investor behavioral preferences. If DOGE approaches these cost ranges, profit-taking investors may choose to 'buy the dip,' strengthening support; while holders still at a loss may choose to take profits and exit when the price reaches the breakeven point, creating resistance.
Therefore, when DOGE tests $0.36 upwards, it may face some selling pressure. Unless market sentiment significantly strengthens, breaking through this level may not be easy.
Summary: After short-term consolidation, a directional choice may be forthcoming.
Currently, DOGE is in the middle range of $0.21 - $0.36. If it continues to rise, $0.36 will be a psychological and on-chain resistance level that must be broken through. If a pullback occurs, $0.21 may form an important defense line.
From an on-chain structure perspective, DOGE has entered a critical range, and the next market move will largely be influenced by investor psychology.
At the time of writing, the price of Dogecoin is about $0.237, having risen more than 37% in the past seven days.
