Dogecoin Gains 1.67% as Bulls Break Above $0.166 Resistance
Dogecoin (DOGE) increased by 1.67% over the last 24 hours, closing at $0.167 after breaking a key resistance level.
This upward movement occurred amid macroeconomic tensions affecting broader crypto markets, including trade disputes and geopolitical risks.
DOGE has formed a strong support base and shows early signs of accumulation, moving away from recent weekly lows.
News Background
- Breakout followed a surge in volume between 16:00-17:00 UTC on June 24, with DOGE moving above $0.166.
- Rally supported by buying interest, establishing support near $0.162–$0.163 during the 13:00 hour.
- Price rise coincides with increased market anxiety due to global trade disputes.
- Despite pressure on risk assets, DOGE shows relative strength with higher lows and increased trader participation.
- Further upside is possible if DOGE maintains momentum above $0.165 and breaks beyond $0.168 resistance.
Price Action
- DOGE traded within a range of $0.162 to $0.168, a 3.4% variation.
- Notable price surge to $0.168 occurred at 07:26 UTC, followed by a short-term retracement.
- The spike was backed by heavy volume exceeding 11.7 million units, but profit-taking led to a drop back to $0.166 by 08:04 UTC.
- Significant sell volumes were observed at 07:51 and 08:03, exceeding 4.9 million units.
Technical Analysis Recap
- DOGE gained 1.67%, closing from $0.164 to $0.167.
- Resistance at $0.166 was breached during the 16:00–17:00 window with high volume.
- Key support established around $0.162–$0.163 with strong backing during the 13:00 hour.
- Highest price reached was $0.168; the session's range was $0.0055 (3.4%).
- Late-session volatility included a brief 0.28% surge followed by a 0.73% retracement into a descending channel.
- RSI remains neutral; momentum indicators indicate potential continuation if $0.165 support holds.