DOGE Rises 9% Amid SHIB’s 6% Rally and Institutional Interest
Key Highlights:
- Dogecoin surged nearly 9%, breaking resistance with over a billion tokens traded, resetting support to $0.242.
- The price reached $0.254 before consolidating, driven by speculation around U.S. ETF approvals and institutional positioning.
- SHIB also rose 6% with exchange reserves at two-year lows, indicating reduced supply and increased interest.
Price Action Summary
- DOGE experienced 9.3% volatility, trading within a $0.02 range.
- A breakout at 08:00 pushed the price from $0.234 to $0.242 on 1.03B tokens, quadruple the average volume.
- Intraday peaks hit $0.249 and $0.253 before settling near $0.252 after further surges.
Technical Analysis
- Support now at $0.242, with resistance at $0.254–$0.255.
- An ascending triangle pattern formed, supported by high turnover.
- Golden Cross signals reinforce bullish momentum; a break above $0.255 could lead to $0.32, fueled by ETF-related flows.
Traders' Focus
- Monitoring if DOGE can establish $0.25 as firm support and advance toward $0.32.
- Assessing ongoing ETF speculation impacts on DOGE and SHIB.
- Watching SHIB’s supply squeeze for potential meme-coin rotation influence.
- Observing CD20 index response post-DOGE and SHIB moves amidst high turnover.