Dogecoin News Today: Dogecoin Eyes 5% Gain to $0.3176 as On-Chain Data Signals Rally

Dogecoin (DOGE) has garnered significant attention as on-chain data suggests a potential rally towards $0.36. According to a Glassnode UTXO Realized Price Distribution (URPD) chart shared by on-chain analyst @ali_charts, a substantial volume of DOGE was last moved in the $0.10–$0.15 range. This indicates that many holders are in profit and may not rush to sell, thereby reducing overhead resistance if upward momentum builds.

The chart’s structure is reminiscent of previous bullish setups seen in Bitcoin’s past cycles, where low-volume resistance zones paved the way for quick rallies. Binance’s latest forecast predicts a 5% increase, placing DOGE at $0.3176 by week’s end, aligning with the bullish sentiment indicated by the URPD signal.

Dogecoin’s historic volatility is a notable factor. From its inception at $0.0004 in 2013 to its all-time high of $0.75 in 2021, DOGE has established itself as both a meme and a momentum asset. Behavioral finance research suggests that past resistance levels, such as $0.36, often act as psychological anchors, influencing investor decisions even in the absence of strong technical factors.

Community sentiment on X is divided. Some users, like @JKatz912, attribute this rally to growing utility and adoption, while others, such as @IMocara45967, remain cautious after repeated rejections near $0.287. Changelly’s short-term outlook is more conservative, predicting a 2.7% dip to $0.263 by July 23, reflecting short-term volatility.

Ultimately, DOGE’s journey toward $0.36 depends on sustained momentum, broader market sentiment, and retail enthusiasm. On-chain tools like Glassnode and social sentiment trackers remain crucial for navigating this high-risk, high-reward trade. The market cap of Dogecoin currently stands at $37.91 billion, reflecting its substantial presence in the cryptocurrency landscape.