Dogecoin Reaches Critical Turning Point According to On-Chain Data

Crypto analyst Ali Martinez recently released a new chart, the UTXO Realized Price Distribution (URPD) chart, providing insights into the movement of significant amounts of Dogecoin. The histogram in the chart highlights specific clusters of on-chain activity, focusing on key price levels that could influence Dogecoin’s future price action. Martinez emphasizes two crucial levels, with $0.177 serving as a strong support level and $0.207 as a significant resistance level, indicating that Dogecoin is currently trading within this price range.

While $0.177 and $0.207 are essential for immediate trading decisions, the URPD chart also reveals other noteworthy price levels that warrant attention. The largest cluster on the chart appears around $0.177, representing approximately 8.01% of Dogecoin’s total supply, indicating a substantial volume of coins last traded in that range. Analysts often consider this level as an important support zone due to the high number of DOGE holders with cost bases around $0.177. Another significant cluster is observed at $0.2069, comprising about 7.04% of the total supply, labeled as a key resistance level by Martinez.

A striking observation from the URPD chart is the spike at $0.06653, indicating a massive volume of approximately 30 billion tokens transacted at that price in the past. Although Dogecoin’s current price is above $0.06653, this level could become crucial in case of a sharp correction, serving as a strong support level for holders with considerable investments at that price.

Furthermore, the chart also highlights two major concentrations above the current price levels—$0.2753, where nearly 5 billion tokens were transacted, and $0.3622, with slightly above 5 billion tokens exchanged. These levels may act as significant resistance barriers if Dogecoin manages to break above the immediate resistance at $0.207. Sustained gains beyond $0.207 could push the token towards $0.2753, where new resistance might appear. If bullish sentiment continues, $0.3622 could become the next crucial level to watch.

At the time of writing, Dogecoin was trading at $0.196, with traders closely monitoring the key support and resistance levels identified in the URPD chart to guide their trading decisions and anticipate potential price movements in the future.