Dogecoin Price Faces Whale Wall At $0.20—Reversal Possible?

Dogecoin price continues to fall in tandem with the market, following Bitcoin’s recent drop by 3%.

Just recently the market had recovered lifting Dogecoin above the $0.19 mark after posting four straight intraday gains. Price has once again reversed in the favor of bears.

Glassnode’s report suggested the meme coin faced a major resistance zone that stalled its recovery.

Dogecoin Price Struggled at $0.20 as Whale Resistance Builds

Dogecoin price has surged over 18% since March 22, gaining momentum from wider market optimism.

Expets predicted intense resistance will occur at the $0.20 price point.

Major whale activity, along with increased selling pressure surrounding this level, has transformed it into an essential resistance point.

According to Glassnode analysis, Dogecoin surpasses only two supply walls when viewing its UTXO Realized Price Distribution (URPD) data.

A substantial whale accumulation process in January 2025 resulted in the formation of a large cluster at this price level.

Current bulls make another attempt to break through a technically significant trading volume region.

Dogecoin rose above its resistance a couple days ago to the maximum price of $0.2058 but returned to trading at $0.177.

The $0.20 resistance caused the price to drop as numerous sellers reentered the market.

Market experts consider this resistance as an ordinary aspect of the market’s recovery process.

Resistance at $0.20 Could Decide Dogecoin’s Next Move

The Dogecoin price must convincingly break above $0.20 to unlock further upside potential.

According to Glassnode analysis, clearing $0.20 can make it easier Dogecoin to move toward $0.31.

Additionally, Dogecoin faces minimal supply resistance within the price range of $0.20 to $0.31; therefore, this is an important resistance zone for the cryptocurrency.

The rise in price diminishes the number of large-volume holders at the $0.20 level indicating weaker barriers exist higher up.

The short-term trend depends heavily on the success of the ongoing battle within this particular zone.

Success for bulls at this point could propel Dogecoin prices toward fresh local top points.

This resistance zone developed through sustained whale activity as recorded by Glassnode since whale involvement began early.

Investors who acquired big amounts at this price point elevated their buying price from the same level.

Analysts view the dense supply cluster as the key reason behind maintaining $0.20 as a critical barrier for Dogecoin.

Dogecoin Price Holds Above $0.19

Dogecoin price could find support from long-term holders and stable market metrics.

Glassnode found that 15% of the entire supply of DOGE remained locked away for a period of six months to one year.

The cryptocurrency’s supply is largely composed of investors who acquired Dogecoin during the fourth quarter of 2024 price surge and have maintained their holdings throughout market fluctuations.

Since early March, an increasing number of investors have chosen to hold Dogecoin for 3 to 6 months.

This data point supports the theory behind their continuous support for cryptocurrency.

The members of this investment group bought Dogecoin when it reached its first price peak of $0.41 in January.

Supply beyond the $0.31 level has become potential because these holders are now part of the market.

According to futures market data, trading on the spot rather than through leverage is the main driving force behind the ongoing price rise.

Futures Open Interest levels declined significantly from $3 Billion during Q4 2024 to $1 Billion, thus relieving market participants of excessive positions.

Price movements in the funding rates stabilized to match neutral levels because long-term leveraging decreased as traders displayed steady trading patterns.

If Dogecoin price makes it above $0.19, it can stand some chance to rise above key resistance levels.

The combination of increased support from spot traders and decreased speculative trading creates confidence in the present market uptrend.