TLDR
- Dogecoin rose 4.29% to $0.180 amid market-wide liquidations during Israel-Iran conflict tensions
- DOGE broke key resistance at $0.177 with volume spike, forming higher-highs pattern after five consecutive days of losses
- Elon Musk’s Base network activity increases DOGE utility through wrapped tokens powering DeFi applications
- Technical analysis shows potential double bottom pattern forming with bullish RSI divergence at $0.171 support
- Speculation continues around potential DOGE ETF approval with 51% odds on Polymarket for 2025
Dogecoin climbed 4.29% over the past 24 hours, rising from $0.173 to $0.180 during broad market liquidations triggered by escalating Israel-Iran tensions. The memecoin demonstrated resilience compared to other major cryptocurrencies during the market-wide sell-off.
The token broke through key resistance at $0.177 on above-average trading volume. DOGE tested the $0.17-$0.18 range multiple times before closing near session highs. Trading volume spiked to 415 million units during the breakout move.
Market analysts noted DOGE’s ability to maintain stability during the liquidation event. The cryptocurrency held firm near new highs despite intensifying global uncertainty affecting risk assets across traditional and digital markets.
Technical Pattern Formation
Dogecoin formed a clear uptrend marked by higher lows and higher highs after finding support at the $0.171 level. This represents the first uptick in six days for the cryptocurrency. The price action suggests a potential tweezer bottom formation at the support zone.
Technical indicators show a potential double bottom pattern developing. The neckline sits at $0.1987, representing the closing price from June 10. A break above this level could trigger further upside momentum.
The Relative Strength Index recovered from oversold conditions to 40 on the daily chart. This creates a bullish RSI divergence pattern as DOGE forms a second bottom at the $0.171 support floor. The momentum indicator shows room for growth before reaching overbought territory.
Volume analysis revealed two significant spikes during key resistance tests. Trading volumes of 13 million at 19:08 and 18.4 million at 19:19 confirmed the importance of the resistance levels being tested.
Network Activity and Utility Developments
Daily active addresses on the Dogecoin network remain above 2024 averages. On-chain transaction volume has stayed consistent, indicating sustained user engagement despite volatile market conditions.
Network turnover reached $1.05 billion daily, supporting solid fundamental metrics. The robust active address count points to continued network usage beyond speculative trading activity.
Elon Musk’s increased activity around the Base network has created new utility for DOGE. Wrapped DOGE tokens now power DeFi applications on Coinbase’s Layer-2 solution. This development attracts both retail and institutional users to the ecosystem.
The Base network integration represents a practical use case for Dogecoin beyond its original meme status. The wrapped token functionality enables DOGE holders to participate in decentralized finance protocols.
ETF speculation continues to influence market sentiment around Dogecoin. Polymarket data shows approval odds at roughly 51% for a potential DOGE ETF in 2025. This speculation has fueled intermittent build-ups in large-ticket whale orders.
The current price action shows DOGE briefly pierced 18 cents before encountering resistance. Selling pressure intensified in the final minutes of trading as the cryptocurrency tested the $0.179-$0.180 zone repeatedly.
Short-term resistance remains at $0.181 while critical support holds at $0.168. A break below the support level could trigger a further 30% decline according to technical analysis.
The post Dogecoin (DOGE) Price: Memecoin Defies Market Chaos with 4% Rally appeared first on CoinCentral.
