The market intelligence platform IntoTheBlock has pointed out what may need to happen before Dogecoin can continue its uptrend and reach new highs.
Dogecoin Has Notable On-Chain Resistance Near $0.20
In a new post on X, IntoTheBlock has discussed the recent trend in the price of DOGE and what it would take for the memecoin to register a new high for the year.
According to the analytics firm, Dogecoin must solidly break above the level where on-chain resistance is currently the strongest. In on-chain analysis, a level’s potential to act as resistance or support is based on the number of coins that were last bought at it.
Below is a chart that shows this investor cost basis distribution for DOGE at price ranges near the cryptocurrency’s current spot value.
Here, the size of the dot represents the number of coins acquired within the corresponding price range. In terms of the levels ahead, the prices around $0.20 have held the cost basis of the most number of tokens out o
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