Dogecoin (DOGE) must break above this level to reach a new ATH: details

Dogecoin (DOGE) is experiencing high volatility around the $0.20 range. Fluctuations began in late March when the coin rose above $0.22.

Many traders see the $0.20 area as a critical resistance zone, highlighting the difficulty of breaking above this long-fought psychological level. Data from IntotheBlock shows that at least 32k addresses have held 3.78 billion DOGE at a loss of $0.20.

Dogecoin is looking for a new yearly high! $DOGE is currently up more than 10% in the last 30 days. To continue this trend and move to new highs, Dogecoin needs to break the $0.20 level strongly, with 32k addresses holding 3.78B $DOGE in losses. pic.twitter.com/oFTaZ1FOEn

— Into TheBlock (@intotheblock) April 9, 2024

DOGE needs to break above this resistance to reach new highs. Similarly, prominent trader Rekt Capital has suggested that memecoin is in the process of retesting that level on the monthly timeframe.

At press time, DOGE was trading at $0.19 at press time, down 3% on the day. While the underlying asset performed relatively well on a weekly basis, most memecoins were in the red: dogwifhat (WIF) and BOOK OF MEME (BOME) -9.2% and -21.5% respectively.

Meanwhile, DOGE and Shiba Inu ( SHIB ) rose 2.0% and 2.9%, respectively. On that topic, SHIB's layer-2 scaling solution, Shibarium, has seen a significant increase in daily transactions, over 75,000, which represents a 1,000% increase.

Another significant achievement is that SHIB has increased its burn rate. According to CryptoPotato, the burn rate increased by more than 300% earlier in the week—nearly 100 million SHIB tokens were removed from circulation.