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Where's Next Major Dogecoin Resistance? On-Chain Data Points To This
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Where’s Next Major Dogecoin Resistance? On-Chain Data Points To This

Keshav Verma
Keshav Verma
2 weeks ago
2 mins read
Dogecoin

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On-chain data suggests this upcoming Dogecoin level could prove to be a resistance wall based on the investor cost basis distribution.

A Large Amount Of Dogecoin Was Last Purchased At $0.36

In a new post on X, analyst Ali Martinez has talked about Dogecoin levels that appear significant on the UTXO Realized Price Distribution (URPD) of the memecoin. The “URPD” refers to an on-chain indicator that basically tells us about how much of the asset’s supply was last purchased at which price levels. The metric determines this cost basis for each token by checking its transaction history to see its last transfer price.

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Here is the chart shared by the analyst that shows the latest URPD data for Dogecoin:

Dogecoin URPD
Looks like the levels near the current one don’t host the cost basis of that many UTXOs | Source: @ali_charts on X

As displayed in the above graph, there are no levels immediately nearby to the current Dogecoin price that hold the break-even mark of a significant portion of the supply. The closest level that stands out in the URPD is around $0.21, which hosts the acquisition point of 7.5% of the DOGE supply. For the up direction, there aren’t any notable cost basis centers until all the way to $0.36, where investors last bought about 3.8% of all tokens in existence.

Now, what’s the relevance of these levels to Dogecoin? To know the answer to that question, investor psychology needs to be understood first. To any holder, their cost basis is naturally an important level, so they can be prone to showing some kind of reaction when a retest of it happens.

Whatever this reaction be, it’s not of significant to the cryptocurrency if only a few investors are showing it. For retests of levels that host the cost basis of a large amount of holders, however, the story can be different. The aforementioned levels could be important ones from this perspective.

Generally, investors tend to react by buying if the retest is happening from above, granted the mood in the market is bullish. This is because these holders, who were in profit prior to the retest, might look at the price decline as just a ‘dip.’

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On the other hand, the holders who were in loss before the retest may decide to sell their Dogecoin, as they could fear that this might be their last opportunity to exit at their break-even for a while.

As such, major supply walls below the DOGE spot price can act as potential support zones, while those above it may prove to be resistance areas. Given that the closest two such levels are at $0.21 and $0.36 for the asset right now, they may be where the coin could be the most probable to encounter strong support and resistance, respectively.

DOGE Price

At the time of writing, Dogecoin is floating around $0.237, up more than 37% in the last seven days.

Dogecoin Price Chart
The trend in the DOGE price over the last five days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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