Dogecoin witnessed a sharp 14.02% price increase over the past 24 hours, rising from $0.21 to $0.24 during a volatile session that ended early July 18. This move marked a significant technical breakout above the $0.22 resistance level, turning it into a high-volume support zone between $0.22 and $0.225.
The surge came amid rising open interest and trading volume, indicating strong bullish momentum in the memecoin market.
One of the key drivers of the breakout was a substantial whale accumulation of over 1.2 billion DOGE within 48 hours. This wave of large wallet inflows helped trigger the breakout above resistance, confirming a shift in market sentiment.
This activity was accompanied by institutional capital entering the market, with a notable increase in funding allocated specifically to DOGE-related projects and treasury operations.
More than 752 million DOGE changed hands during the breakout phase, with volume increasing 7.8% above the daily average.
Open interest on Dogecoin futures contracts surged 12.36% to $4.04 billion, a strong indicator of increased leveraged positioning. This rise in open interest, alongside stable funding rates, suggests that traders are maintaining a long bias, expecting further upward movement.
The final hour of the session saw heightened volatility, with prices fluctuating between $0.236 and $0.24, reflecting short-term profit-taking and rapid accumulation.
Dogecoin Technical Analysis and Price Outlook
Dogecoin’s price now finds strong support between $0.22 and $0.225, while immediate resistance lies in the $0.245 to $0.248 range. A decisive close above this level could open the door to a retest of $0.27, aligning with the broader bullish sentiment across the altcoin sector.
The $0.22 breakout has created a new support zone backed by high trading volume and whale accumulation.
With growing institutional interest and favorable technical indicators, Dogecoin appears well-positioned to maintain its upward momentum.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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