Dogecoin's $0.21 Resistance: Analyst Warns of Selling Pressure
Crypto analyst Ali Martinez identifies a critical resistance level at $0.21 where billions of Dogecoin were accumulated, potentially creating significant selling pressure.
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Social media influencer Ali Martinez has identified a crucial technical resistance level for Dogecoin at $0.21. Using Glassnode data, he revealed that 10.50 billion DOGE were accumulated at this price point, creating a potential barrier for future price increases.
Currently trading at $0.1999, Dogecoin faces the challenge that many holders may sell when the price approaches $0.21 to break even. The cryptocurrency has struggled significantly this year, declining 37.52% year-to-date and dropping over 26.5% in the past month. This contrasts sharply with Bitcoin's 17% gain since January.
Despite corporate initiatives like purchasing a soccer club and exploring platform integrations, these developments haven't translated into price appreciation. The $0.21 resistance level will be critical in determining whether Dogecoin can overcome selling pressure or continue consolidating.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/10/48319348/dogecoins-0-21-problem-why-this-analyst-says-keep-it-on-your-radar