2024-09-27 05:00:42 by NewsBTC

An analyst has pointed out how Dogecoin has reclaimed a major on-chain demand zone, which could open up the path to higher levels. Dogecoin May Not Have Much On-Chain Resistance At Upcoming Levels In a new post on X, analyst Ali Martinez has discussed about how DOGE has just overcome a major on-chain supply wall. On-chain supply ‘walls’ refer to price ranges that carry the cost basis of a significant amount of investors. Below is the chart from IntoTheBlock shared by the analyst, which shows how the different Dogecoin price ranges are currently looking in terms of this. A large amount of coins appear to have been acquired in the range just below the current DOGE price | Source: @ali_charts on XIn the graph, the size of the dot corresponds to the amount of DOGE that the addresses on the network last purchased between the corresponding price levels. The $0.108 to $0.111 range particularly stands out as it has a huge dot attached to it at the moment. More specifically, the range contains the cost basis of around 62,270 addresses who bought a total of 36.08 billion tokens of the memecoin at levels situated inside it. To any investor, their cost basis or acquisition level is naturally special, due to which they can be prone to showing some kind of reaction when a retest of it takes place. Dogecoin retesting a range where only a few investors bought wouldn’t produce any significant reaction, but in the case of a major demand zone, like the $0.108 to $0.111 range mentioned earlier, holders may make enough simultaneous moves so as to cause fluctuations in the coin’s value. As for how exactly traders might react to a retest of their cost basis comes down to investor psychology. Retests of investors who were previously in loss can lead to a selling reaction, as these holders might fear the price will go down again in the future and thus, could decide to exit at their break-even, to at least get their investment back in full. Earlier, Dogecoin’s spot price had performed a retest of the $0.108 to $0.111 range from below, but it appears the resistance from these sellers wasn’t enough to hold back the meme coin as it has shot up above it with a sharp jump during the last 24 hours. From the chart, it’s apparent that unlike this latest range, DOGE has just surpassed, the levels ahead are relatively thin in terms of supply. “If DOGE holds this level, it could confirm a bullish breakout,” notes Martinez. “With no major supply walls in sight, the path to $0.150 looks clear!” A potential run to this $0.150 mark from the current Dogecoin price would mean an increase of more than 31% for the memecoin. It now remains to be seen if the asset continues its rally in the coming days and whether it would be able to reach this level or not. DOGE Price At the time of writing, Dogecoin is floating around $0.114, up more than 9% over the last seven days. The price of the coin seems to have shot up over the past day | Source: DOGEUSDT on TradingViewFeatured image from Dall-E, IntoTheBlock.com, chart from TradingView.com Keshav Verma Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.