Dogecoin Price Rises 4.29% Amid Market Liquidations and Global Uncertainty
Dogecoin (DOGE) Update
Dogecoin increased by 4.29% in 24 hours, rising from $0.173 to $0.180 amid market liquidations due to the Israel–Iran conflict. The token surpassed key resistance at $0.177 with significant trading volume.
Key Points
- The Israel–Iran situation led to broad risk asset liquidations; DOGE performed relatively well, indicating its appeal beyond speculation.
- Increased activity from Elon Musk around the Base network has provided DOGE with utility, as wrapped DOGE tokens now support DeFi apps on Coinbase’s Layer-2.
- Speculation about a potential DOGE ETF remains, with approval odds at about 51% for 2025, leading to increased whale orders.
- Daily active addresses and on-chain transaction volume for Dogecoin are above 2024 averages, suggesting ongoing user engagement.
Price Action Summary
DOGE is in an uptrend, marked by higher lows and highs. It broke past $0.177 with a volume spike of 415 million units and tested the $0.17–$0.18 range multiple times, closing near session highs. In the final hour, it briefly reached 18 cents before facing resistance.
Technical Analysis
- Price Range: Increased from $0.173 to $0.180.
- Resistance Levels: Tested $0.179–$0.180 repeatedly; short-term ceiling at $0.181.
- Support Level: Critical floor at $0.168; a drop below may trigger further declines.
- Volume Spikes: Notable volumes of 13 million and 18.4 million confirmed resistance tests.
- V-Pattern: Strong recovery after finding support at $0.191, with increased volume towards the end.
- Network Metrics: Daily turnover at $1.05 billion indicates solid fundamentals.