Dogecoin: Can a $39M sell-off wipe out DOGE’s price gains – Assessing…
2025-07-19 06:37:10
Main Idea
Dogecoin (DOGE) faces both short-term and long-term challenges despite recent price gains, with significant resistance levels and a $39 million sell-off by spot traders signaling potential bearish trends.
Key Points
1. Dogecoin surged to $0.254 but faces resistance at $0.2478 and $0.36, with the latter posing a long-term threat to further upside.
2. Spot traders sold $39 million worth of DOGE in 24 hours, the largest sell-off since January, indicating bearish sentiment.
3. Glassnode’s UTXO Realized Price Distribution shows DOGE has flipped the $0.20 resistance but struggles with the $0.36 level, historically a ceiling.
4. Two major liquidity clusters exist: $11.21 million in sell orders between $0.259-$0.260 and $11.61 million in buy orders between $0.250-$0.249, which could influence price direction.
5. A drop below $0.2478 could lead to further declines, while renewed buying might push DOGE past this resistance level.
Description
DOGE could face both long and short-term challenges, recent analysis reveals.
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