Dogecoin (DOGE) rallied from $0.07 last week to nearly break the $0.10 resistance, but a setback in Bitcoin (BTC) around the $82,000 supply zone pushed DOGE back 16.5% from its local high. Analyst Ali Martinez noted that whales accumulated 430 million DOGE over the past week, while the Tom DeMark Sequential indicator flashed a buy signal on the monthly timeframe. The UTXO Realized Price Distribution metric shows a key support cluster at $0.081, with an “air pocket” of low resistance between $0.081 and $0.177. Martinez argued that holding above $0.081 could allow DOGE to target $0.177, while losing that level could expose the broader support zone from $0.069 to $0.081.
Dogecoin rallied from the $0.07 lows last week to nearly succeed in pushing past the $0.10 psychological round number resistance. Despite a serious attempt, such a breakout did not materialize.
After reaching this exact level, Dogecoin bulls were forced to retreat. A Bitcoin momentum stumble around the $82k supply zone has set DOGE back by 16.5% from the local high.
On August 15, crypto analyst Ali Martinez warned that the leading memecoin was primed to go parabolic. The price action since then has vindicated the bullish stance.
The Tom DeMark Sequential indicator had flashed a buy signal on the monthly timeframe. Meanwhile, whales accumulated 430 million DOGE during the past week, Martinez stated.
The UTXO Realized Price Distribution metric maps the acquisition cost basis of the circulating supply. A heavy cluster of UTXOs at $0.081 marked a key support zone.
Martinez argued that DOGE could target $0.177 while holding above this level. The UTXO Realized Price Distribution showed relatively little acquired supply between $0.081 and $0.177.
A return into this “air pocket” could allow DOGE to advance with limited on-chain resistance. However, losing $0.081 could expose holders within the broader support region to renewed pressure.
The URPDs showed that $0.069-$0.081 was an onchain support area to watch. The price action highlights two levels within this zone worth watching.
The rally to $0.10 saw a daily session close above $0.092, the previous swing high from June. The bulls achieved a market structure shift on exceedingly high trading volumes.
Fibonacci retracement levels highlighted the $0.08-$0.074 area as the golden pocket to watch. A brief price dip into this area could offer a buying opportunity targeting an impulse move higher toward $0.12, and even as high as the $0.155 yearly highs.
