The post Mapping Dogecoin’s road ahead – Why DOGE bulls target $0.20 next appeared on BitcoinEthereumNews.com.

7% of DOGE’s supply was concentrated at $0.20, creating a critical resistance zone. Low futures interest suggested spot-driven momentum, not speculative hype. Dogecoin [DOGE] has shown renewed strength recently, but on-chain and derivative data suggest its next move hinges heavily on the $0.20 price level. With key metrics offering mixed signals, traders and investors closely watch whether DOGE can convert this level from resistance into a launchpad. URPD reveals a heavy cluster at $0.20 Glassnode’s UTXO Realized Price Distribution (URPD) shows a significant Dogecoin supply concentration at $0.20, about 7% of the total. This cluster ranks as the third-largest after $0.17 and $0.07. Notably, inflows at $0.20 started increasing around the 22nd of January, though many wallets likely accumulated earlier and raised their cost basis. Source: Glassnode This positioning creates near-term resistance, as many holders may look to exit at break-even. However, the absence of significant supply between $0.20 and $0.31, the next major cluster, means that a clean break above $0.20 could lead to a sharp rally if volume supports it. HODL Waves indicate Dogecoin conviction and caution Glassnode’s HODL Waves chart showed that 15% of the Dogecoin supply was last moved between six and twelve months ago, implying that many holders bought ahead of the Nov/Dec 2024 rally and are still holding, indicating a strong conviction.  More recently, the 3-6 month cohort has grown, suggesting new entrants joined during the January rebound from $0.32 to $0.41. Source: Glassnode While this HODLing behavior reflects confidence, it also hints at latent supply. If DOGE revisits those levels, some may sell at break-even, potentially capping upward momentum. DOGE Futures market: A spot-driven rally Dogecoin’s Futures volume remains well below previous peaks. At press time, Open Interest (OI) sat around $1 billion, far lower than the $3 billion average seen during the…

---

Filed under: News - @ March 27, 2025 12:23 pm