Dogecoin Rockets Beyond $0.20 — Is $0.36 or Even $0.54 Next?

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TL;DR

Dogecoin experiences a significant surge, climbing 14% in 24 hours and decisively breaking through the $0.20 resistance level, fueled by increased trading volume and positive momentum. On-chain analysis suggests relatively weak resistance in the near term, with $0.36 identified as the next major area of holder concentration. A chart breakout from a falling wedge pattern further supports the bullish outlook, with potential targets near $0.54 being closely monitored. Bit Origin's ambitious $500 million DOGE treasury initiative and the overall growth of the meme coin market are contributing to heightened investor confidence.

Dogecoin Breaks Through $0.20 Resistance

Dogecoin demonstrated strong upward movement, rising from $0.21 to $0.24 over a 24-hour period ending July 18th. During this time, the trading range fluctuated between $0.205 and $0.25, representing an 18% price swing and a 14% gain. Over the preceding week, the price had already increased by 23%.

Notably, trading volume reached $16.8 billion, indicating substantial market activity. Demand is being driven by both whale accumulation and growing institutional interest. The meme coin market as a whole experienced significant growth in July, adding $17 billion to its market capitalization, bringing the total to $72 billion.

Crypto analyst Ali Martinez highlighted Dogecoin's successful breach of the $0.20 resistance level and outlined the next potential price target.

Blockchain data corroborates this area as a likely point of resistance, owing to prior buying activity clustered around that price point.

Thin Resistance Between $0.21 and $0.36

According to Glassnode data cited by Martinez, the largest concentration of DOGE holders acquired their tokens near $0.207, totaling 11 billion coins, representing approximately 7.3% of the total supply. This zone had previously acted as a significant barrier to price appreciation. With Dogecoin now trading above this level, attention is shifting to potential resistance levels further upwards.

The next substantial holding zone is located around $0.36, with 5.64 billion DOGE (3.8% of the supply) purchased within that range. Between $0.21 and $0.36, the data reveals a relatively sparse concentration of holders, suggesting fewer potential selling points within this range.

CW commented that:

“$DOGE is about to reach the sell wall zone. If it breaks through the sell wall that exists until $0.293, there will be no more sell walls.”

The $0.293 level could therefore present a temporary hurdle before any further upward movement.

Chart Pattern Signals Breakout

Dogecoin has also broken out of a falling wedge pattern on the 2-day chart. Historically, this pattern has often signaled trend reversals. The breakout occurred around the $0.20 level, which now serves as a support level.

Captain Faibik posted,

Their chart analysis suggests a potential price target near $0.5347, representing more than double the current price.

DOGE's recent rally coincides with Bit Origin's announcement of a $500 million capital allocation plan aimed at establishing a Dogecoin treasury. This plan includes both equity and debt financing. Open interest in Dogecoin-related financial products is also on the rise.