- Dogecoin faces heavy resistance at $0.18, $0.21, and $0.36.
- Elon Musk’s new party adds uncertainty to the crypto policy landscape.
Dogecoin is struggling to regain upward momentum after a sharp decline from its late-2024 highs. Glassnode’s on-chain data shows that UTXO Realized Price Distribution (URPD), Dogecoin faces strong resistance zones at $0.18, $0.21, and $0.36.
Analyst Ali Martinez reported that around 13.4 billion DOGE were last moved at $0.18. This forms the second-largest holder cluster after the $0.0739 support level.
At $0.21, roughly 10.85 billion DOGE changed hands, indicating another potential sell zone. The $0.36 level accounts for 5.73 billion DOGE, representing a third critical resistance area.
These concentrations suggest that many holders may exit their positions once prices reach break-even, putting downward pressure on DOGE’s price trajectory.
Technical Outlook: Key Fibonacci Levels in Play
Dogecoin hit a high of $0.486 in November 2024 before entering a prolonged downtrend. It is now trading just above the 0.786 Fibonacci retracement level at $0.174. A breakout above this level could trigger a move toward $0.22, aligning with the 0.618 retracement zone.
The chart also shows that $0.21 and $0.36 remain significant resistance zones. These align with previous support areas and now act as sell pressure zones due to volume clusters.
If DOGE fails to hold above $0.16, it could revisit the $0.09 support zone. For now, the token remains in a consolidation range, with strong resistance overhead and limited upward momentum.
Elon Musk’s Political Move Could Shift Market Sentiment
Elon Musk recently announced the formation of the America Party following a July 4th poll. Nearly two-thirds of 1.24 million voters backed the idea. Musk criticized the U.S. political system as corrupt and inefficient, describing it as a “one-party system.”
This move further deepens Musk’s feud with Donald Trump. He openly questioned Trump’s “One Big Beautiful Bill,” which could add $3.3 trillion to the national debt.
Musk also criticized Trump’s DOGE-based debt reduction initiative. In response, Trump warned that Musk’s party could split Republican votes in 2026, raising concerns within conservative circles.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
