An analyst has highlighted that Dogecoin has reclaimed a significant on-chain demand zone, which could open the path to higher levels.
In a post on X, analyst Ali Martinez discussed how DOGE overcame a major on-chain supply wall, a price range with a significant cost basis for many investors. This range, from $0.108 to $0.111, includes the cost basis for around 62,270 addresses holding 36.08 billion tokens.
When the price retests such ranges, significant investor reactions could cause fluctuations in DOGE's value. Depending on investor psychology, retests can trigger selling, especially among those who had previously incurred losses and wish to break even.
Dogecoin recently surpassed this crucial range during a sharp jump in the last 24 hours. The current levels ahead are relatively thin in terms of supply.
If DOGE maintains this level, it could confirm a bullish breakout. With no major supply walls ahead, a path to $0.150 appears clear, representing a potential 31% increase from its current price of approximately $0.114.
