Dogecoin Faces $2.22 Billion Resistance at $0.21 Amid Bullish Targets
Dogecoin faces a significant resistance at $0.21 due to a large concentration of realized cost in this area, totaling approximately $2.22 billion in supply. This level represents a major resistance zone that investors should monitor.
- 10.50 billion DOGE were accumulated around the $0.21 mark, indicating potential sell pressure if prices reach this point.
- Technical analysis suggests Dogecoin may rise first to $0.29, then $0.46, and potentially $0.86, if it can break above the $0.21 resistance.
- The $0.21 level aligns with the 0.618 Fibonacci retracement, adding technical importance to this resistance.
On-chain data shows that the top 1% of holders maintain a high percentage of supply, suggesting confidence among large holders. The absence of distribution from these addresses indicates they are not selling off their holdings yet.
- If bulls surpass the $0.21 barrier, targets include $0.29 (0.786 Fib), $0.46 (1.0 Fib), and $0.86 (1.272 Fib extension).
- Failure to overcome this level might lead to a retest of channel support.
Currently, Dogecoin is trading at $0.195. Investors should watch for movements around the $0.21 level to gauge future price action.
