Dogecoin (DOGE) Faces Two Key Resistance Levels at $0.18 and $0.21, Breaking Out Could Trigger the Next Bullish Phase

Dogecoin ($DOGE) is currently trading at a pivotal price point of $0.1711, up nearly 5% in the last 24 hours. However, it faces significant resistance at $0.18 and $0.21

Dogecoin price is known for its volatility, and recent price action suggests that the bulls may be getting tired at the $0.18 resistance.

At the same time, UTXO Realized Price Distribution (URPD) data indicates that a large volume of Dogecoin is still locked up at $0.177 and $0.21, which could pose difficulties for the bulls in breaching these critical points.

According to crypto analyst Ali Martinez, breaking through these two key resistances at $0.18 and $0.21 could be the catalyst for the next major bull rally in Dogecoin.

According to crypto analyst Ali Martinez, a breakout above these levels signifies a bullish trend and reduces selling pressure. He noted that breaking these resistances may set the stage for DOGE to reach even more significant price levels.

As seen on the chart by crypto analyst Ali Martinez, critical points are $0.18 and $0.21 in relation to Dogecoin’s recent price movement. According to UTXO Realized Price Distribution (URPD), more than 11.8 billion DOGE is concentrated at $0.177, which constitutes almost 8% of the distribution.

Likewise, a significant volume of more than 10.4 billion DOGE is placed at $0.21, so these price levels may be considered difficult to overcome.

According to the latest data from CoinMarketCap, Dogecoin is currently trading at a pivotal price point of $0.1711, showing an increase of nearly 5% in the last 24 hours.

However, it faces significant resistance at $0.18 and $0.21. Surpassing both could trigger the next substantial phase of bullish momentum.

Dogecoin is currently facing two key resistance walls at $0.18 and $0.21. Breaking through both could be the catalyst for the next major bull rally.

As the chart shows, there is a large volume of UTXO (Unallocated Output of Transactions) at these price points, which indicates that these price levels may be considered difficult to overcome.

Breaking through these two key resistances may set the stage for DOGE to reach even more significant price levels as it continues its journey to new highs.

Dogecoin has a market capitalization of $25.44 billion and its trading volume increased by nearly 10% to hit $1.21 billion.

Moreover, derivatives data shows that Open Interest has increased to almost $1.65 billion, about 4.76%, which may indicate that new participants are entering the market.

On the same note, the Long-to-Short Ratio is still bullish on other platforms, such as Binance and OKX, at 3.25 and 3.88, respectively. Such ratios show that traders are expecting a higher price surge in the future.

However, looking at derivatives liquidation data over the last few days, one can still see high volatility. In the last 24 hours, short positions reached a significant value of $4.42 million, while long positions were equal to $2.16 million. Such figures speak volumes about the current instability of the market and the rapid price movements of DOGE.

Similar trends are present in the flow and outflow positions of some of the spot market activities in the current period. Overall, Netflows have stabilized, which is better than the sell-offs seen in previous months.

This stability and increased institutional attention and long position taking in derivatives provide an optimistic short-term trend forecast for Dogecoin.

Therefore, for a prolonged bullish trend to occur, higher levels need to be breached in order to be utilized for support. This would add to the current market bullishness and uplift DOGE towards larger-level gains.