Dogecoin (DOGE), the king of meme coins, has recorded a bullish rebound in the last 24 hours. This has pushed the price up, helping it to breach the $0.2 resistance level as investors actively engage the asset in the crypto market.
Dogecoin volume sparks bullish price breakout
According to CoinMarketCap data, within this time frame, traders have transacted over $3.44 billion worth of DOGE. This spike in the volume of Dogecoin changing hands signals the confidence of investors in the meme coin.
You Might Also Like
Tue, 07/08/2025 - 15:22 Dogecoin Contributor Issues Vital Alert to DOGE Community: What's Next? ByTomiwabold Olajide
The massive activity fueled DOGE’s rise from a low of $0.1973 to hit a peak of $0.2129. As of this writing, Dogecoin was changing hands at $0.2023, which represents a 1.87% increase in the last 24 hours.
Dogecoin Price Chart | Source: CoinMarketCap
The high volume reversal has helped to support the increase in value above the resistance level. There are indications that if it sustains the current momentum, DOGE could experience a breakout ahead. Notably, Dogecoin’s correlation is also supporting the bullish rebound of the meme coin.
However, technical analysis suggests this might be a short-term bullish momentum. The current spike in volume could be as investors position ahead of possible positive news from the Federal Open Market Committee later in July.
Can DOGE rally to $1?
Worth mentioning is that the Dogecoin ecosystem has been building up for this bullish breakout. As reported by U.Today, investors committed 12.3 billion DOGE in open interest about a week ago to the futures market. The move signaled anticipation of a possible price gain, which is beginning to manifest.
You Might Also Like
Mon, 07/07/2025 - 12:44 Dogecoin (DOGE) Skyrockets 310% in Market Activity, What's Going On? ByTomiwabold Olajide
Interestingly, the optimism from traders in the space occurred despite DOGE exchanging below $0.17 at the time. However, ecosystem support and the broader impact of Bitcoin’s rally have rubbed off on meme coins.
With Dogecoin up in price and volume, the meme coin appears ready for more upward movement. Its technical patterns, like the multi-year cup-and-handle, coinciding with significant whale accumulation, hint at this possibility.
However, given the volatility of the market, not even its founder, Billy Markus, can predict if DOGE could climb as high as $1.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
