Doge Price Analysis for July: Here’s Why $0.18, $0.21 & $0.36 are Key Levels to Monitor for the DOGE Price Rally

The post Doge Price Analysis for July: Here’s Why $0.18, $0.21 & $0.36 are Key Levels to Monitor for the DOGE Price Rally appeared first on Coinpedia Fintech News

After multiple failed attempts, the Dogecoin price has marked the local highs close to $0.176, hinting towards a rise in the strength of the bulls. The Bulls have been displaying strength lately but are also facing enough pressure from the opposition. As a result, rising and sustaining above $0.18 has become a tedious job as well as time-consuming. It does look like DOGE is building strong breakout potential… but the timeline is wide—ranging from short-term (days/weeks) to medium-term (months), or even pushing into late 2025.

Currently, the DOGE price is facing massive upward pressure as it rose above $0.175. This occurred for the second consecutive time this month, suggesting a strong bearish presence. Meanwhile, this is just below the psychological barrier at $0.18, which is believed to be a crucial resistance to achieve and keep up the bullish trend. However, this level, along with the two more resistance levels, is speculated to be extremely crucial to achieve, as a larger number of DOGE have been stacked here around this range.

A popular analyst, ALI, refers to the UTXO realized price distribution and has found $0.18, $021 and $0.36 to be the most important levels, as a huge number of DOGE UTXOs have been created. A UTXO is nothing but an unspent transaction output or the amount of digital currency that remains after a transaction. At these 3 price ranges, millions of DOGE UTXOs were created, which in turn indicates massive amounts of transactions could have occurred. Hence, these ranges are extremely volatile and are believed to trigger huge price action if tested successfully.

Therefore, a rise above $0.18 could be an initial step, while a rise above the bearish influence could only occur when the Dogecoin (DOGE) price rises and secures above all three resistance zones.

2.87K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.