Dogecoin (DOGE) surged nearly 6% over the past 24 hours, marking a sharp reversal from its recent sluggish performance as institutional interest appears to be driving renewed optimism.
Price-Action
According to CoinDesk Research's technical analysis model, the token rose from $0.191 to $0.200, fueled by strong technical momentum and high-volume trading that saw peak volume hit 470 million units during the 01:00 hour.
The rally comes at a time of heightened global economic uncertainty, with geopolitical tensions weighing on risk assets across the board.
Despite this backdrop, Dogecoin’s price action has defied broader market trends, breaking through key resistance at $0.193 and forming a new support level at $0.200 after brief consolidation.
Technical analysis highlights DOGE’s strong uptrend, with higher lows and higher highs forming throughout the period.
The most aggressive buying occurred during the final four hours of the session, with volume spikes at 01:43 (32.9M units) and 01:46 (37.3M units) underscoring significant institutional accumulation.
A notable $20 million DOGE transfer to Coinbase coincided with the launch of the SHIB DAO, sparking renewed interest in the meme coin sector and potentially contributing to the surge.
Technical Analysis Recap
- DOGE climbed from $0.191 to $0.200, a 5.75% gain over 24 hours.
- Price action formed a clear uptrend with higher lows and higher highs, particularly after 22:00.
- Strong volume support emerged at $0.190, while resistance at $0.193 was broken with conviction.
- Peak volume of 470M occurred at 01:00, marking the most aggressive buying session.
- Final hour saw DOGE climb from $0.197 to $0.200, with notable volume spikes at 01:43 (32.9M) and 01:46 (37.3M).
- Price broke the $0.200 psychological barrier at 01:50, establishing a new support level.
- DOGE closed the session with decreased volatility but maintained levels above $0.200.
As DOGE heads into the next trading session, traders will be watching closely to see if the meme coin can sustain its momentum amid broader market volatility.
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