Dogecoin: Can a $39M sell-off wipe out DOGE’s price gains – Assessing…

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.