Dogecoin Price Faces Its Toughest Test — Every Bounce Below Key Level Could Fail
Dogecoin's price recovery is shaky as it tests a critical resistance zone, facing strong selling pressure from large supply clusters.Summary
The Dogecoin (DOGE) price, despite a slight daily gain, faces a significant near-term test after a 20% monthly drop, as it remains locked in a tight range below a key resistance zone.
Analysis shows a shift in holder behavior: long-term holders have reduced accumulation by 65% since mid-October, stepping back after weeks of weakness. Conversely, short- and mid-term buyers (1-week to 6-month cohorts) have increased their supply share, attempting to support the price.
This dynamic has established a strong price ceiling between $0.20 and $0.21. Cost basis data reveals massive supply clusters in this range ($0.202–$0.206 and $0.210–$0.212), totaling over 22 billion DOGE, which creates immediate selling pressure as holders exit near breakeven. Until whales absorb this supply, DOGE is expected to remain range-bound. A breakout above $0.21 could target $0.27, whereas a drop below $0.17 risks a fall toward $0.14.
(Source：BeInCrypto)