Crypto analyst Ali Martinez has shared an X post highlighting a new UTXO Realized Price Distribution (URPD) chart for Dogecoin (CRYPTO: DOGE). The chart, created by Martinez, offers a unique perspective on where large chunks of DOGE last changed hands.

This analysis could be useful for traders trying to identify key price levels for the meme coin. Martinez explained that the chart is best viewed on a larger screen to fully appreciate the details.

Here's a summary of Martinez's analysis:

"The chart shows a histogram where each bin corresponds to a $0.01 price increment, and the height of each bar represents the quantity of DOGE (in billions) last realized in that price range over time."

"As we can see, the largest cluster of UTXOs is at the price of $0.177, where approximately 8.01% of the total supply (about 11.89 billion tokens) last interacted with the blockchain."

"This level is also an important area of support, as it is likely that many holders have an average cost basis near this price and would step in to defend their positions if the market moves lower."

"Another notable price level is $0.2069, where we observe a key resistance zone with about 7.04% of the total supply (approximately 10.45 billion tokens) realized."

"If the market were to rise to this level, we could expect some participants to try to break even or lock in small gains, potentially creating selling pressure."

"The chart also reveals a striking observation: the massive spike at $0.06653, where approximately 30 billion tokens were realized—by far the highest bar on the chart."

"This incredible build-up at $0.06653 might become significant if prices were ever to correct sharply. It represents a substantial cost basis for a large portion of holders."

"On the upside, the histogram highlights two major concentrations above current prices. Around $0.2753, slightly below 5 billion tokens were realized, and at $0.3622, slightly above 5 billion tokens exchanged hands."

"These tall bars may act as key resistance hurdles if Dogecoin can break above the shorter-term ceiling at $0.207."

"Once the bulls manage to sustain gains beyond $0.207, buyers might look for momentum to carry the token toward $0.2753, where we could witness the emergence of fresh resistance."

"If bullish sentiment remains sufficiently robust, the region around $0.3622 might become the next important level for traders to keep an eye on as the meme coin continues its ascent in the coming months."

See More: Top 5 Cryptocurrencies To Watch This Week: Bitcoin Holds Above Key Level As ADA, SOL And LUNA Show Strength

DOGE is currently trading at $0.196, according to Benzinga Pro.