Dogecoin Nears Major Test Before 45 Billion DOGE Support

Dogecoin Approaches Crucial On-Chain Support

Dogecoin (DOGE) hovers above a significant on-chain support level, providing insights into its potential price trajectory. According to data from IntoTheBlock, this support level is crucial for the cryptocurrency's stability, especially amid market volatility.

Key Historical Support

Historically, 45 billion DOGE were acquired at an average price of $0.115, creating a substantial demand zone. This level represents a large volume of Dogecoin held by investors who are likely to defend their positions, preventing further declines.

Current Price Action

At the time of writing, DOGE trades at $0.1429, facing resistance at the $0.16 mark. Here, 20 billion DOGE are currently held at a loss, indicating potential selling pressure.

Crucial Price Test

The outcome of these factors will shape Dogecoin's price trajectory. A strong support level at $0.115 would provide a cushion against price drops, while the resistance at $0.16 could limit further gains. The short-term price action will depend on whether the support level holds or the selling pressure becomes too strong.