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On Monday, social media influencer Ali Martinez, known popularly on X as Ali, drew the attention of the crypto community to an important resistance level for Dogecoin (CRYPTO: DOGE).
Ali underscored how 10.50 billion DOGE were recently accumulated at $0.21—a price that could now act as a significant technical barrier.
The popular analyst shared a cost basis distribution heatmap sourced from Glassnode on X. According to Ali, "10.50 billion $DOGE were accumulated at $0.21. That's a big resistance zone forming. Keep this level on your radar!"
The shared heatmap indicates a significant clustering of DOGE holders at the $0.21 mark, showing market participants may be positioned to sell around that level, which could create selling pressure if the price approaches.
At the time of writing, Dogecoin was seen trading at $0.1999, according to data from Benzinga Pro. The meme coin gained 0.05% over 24 hours. DOGE is currently trading 5.05% below the level highlighted by Ali.
The high volume of DOGE acquired at $0.21 means many holders may look to break even if prices return to that level, reinforcing a resistance zone.
The clustering of supply at $0.21 puts extra focus on whether bulls will be able to overcome this hurdle or if further consolidations are likely in the near term.
Dogecoin's price action has lately sparked debate following a string of high-profile events, including its corporate arm's purchase of a soccer club and new explorations around reward integration with other platforms.
Yet, despite these bold initiatives and surges in trading volume, the price remains challenged by technical resistance just above $0.20, according to a Benzinga report.
On a year-to-date basis, Dogecoin is down 37.52%, while over the last 30 days it has declined by over 26.5%. This is in contrast to the largest cryptocurrency, Bitcoin (CRYPTO: BTC), which has gained over 17% since 2025 began.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
