Dogecoin Bounces 17% as Buyers Defend $0.16 Support Level
Dogecoin has rebounded 17% from recent lows, showing strong buying pressure at the $0.16 support level.
Key Points
- Despite geopolitical tensions and macroeconomic uncertainty, Dogecoin held above $0.165 after a drop to $0.142.
- In 24 hours ending June 26, DOGE closed at $0.1657, nearly 3% higher than its session low.
- Coinbase added support for wrapped Dogecoin (wDOGE) on its Layer-2 Base network, expanding use cases.
- Speculation surrounds Elon Musk’s X platform, which obtained money transmitter licenses in 39 U.S. states.
- Historical influence of Musk remains relevant to market sentiment despite unconfirmed integration of Dogecoin.
Price Action
- DOGE traded between $0.1628 and $0.1677, with a 2.97% swing.
- Strong support was found at $0.1628 with nearly 300 million DOGE traded.
- Resistance was established at $0.1677 during a volume spike.
- In the final trading hour, DOGE increased by 0.98%, reaching a local high of $0.1664.
- Price consolidated above $0.1659 as volatility decreased.
Technical Analysis Recap
- DOGE traded within a range of $0.0049 ($0.1628–$0.1677).
- Support confirmed at $0.1628 with 300M DOGE during buy-in.
- Resistance formed at $0.1677 with high-volume rejection.
- Price closed at $0.1657, indicating bullish continuation.
- 60-minute gain of 0.98% from $0.1645 to $0.1661.
- Volume spikes at 01:28 and 01:34 confirmed buyer interest.
- Price stabilized above $0.1659 in the final minutes with reduced volatility.