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- DOGE shows renewed momentum with rising market activity and growing investor interest.
- Analysts identify strong support at key technical levels, signaling a possible bullish reversal.
- Trading indicators reveal increased participation and cautious optimism across the crypto market.
Dogecoin (DOGE) is on the rise following the fluctuating trading days. It is currently trading at 0.1690, up by 6.07% in the past 24 hours. The trading volume has been increasing 22.76% to $2.25 billion, which indicates new buying interest.
Source: CoinMarketCap
DOGE is down 9.1% over the last week, although there was a short-term recovery. This fall represents a lack of confidence and a rapid fluctuation in investor activity. Analysts reckon that the difference will be whether this coin will retain the existing levels of support despite further swings in the crypto market.
DOGE Eyes Breakout from Triangle Support
A well-known analyst, Jonathan Carter, highlighted that DOGE was in the process of testing the bottom of a symmetrical triangle on the three-day chart. The support line is steadily increasing, and buyers are actively defending this support zone. This trend indicates that there could be an upwards shift in case demand if it keeps accumulating at the same point.
Source: X
In the case of price rebound, Carter determined upward goals of $0.20, $0.26, $0.31, $0.39, and $0.46. These are the points of potential resistance where traders may make a profit. The bullish formation might be confirmed with continuing purchases at the level of above $0.20 and the re-emergence of the power of the medium-term trend in DOGE.
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Moreover, another analyst, Gorilla Crypto, mentioned that DOGE is encountering a good support level at $0.16. The zone remains a crucial point for short-term traders. In the case of a trendline, the rally will be toward $0.25, $0.35, and $0.50. A fall below it, though, may instigate a momentary pullback followed by fresh buying.
Source: X
Rising Volume and Open Interest Signal Renewed DOGE Momentum
CoinGlass data shows that the trading volume of DOGE increased by 28.98% to $5.10 billion, and the open interest rose by 5.49% to $1.50 billion. The OI-weighted funding rate is 0.0080% and has constant but cautious leveraged positions. These figures indicate increased involvement of retail and institutional traders.
Source: CoinGlass
The technical structure that DOGE has is very delicate with regard to resistance and support. The area of $0.16 will be the critical point that might define its further course. Provided bulls stay pressured and volume remains elevated, a breakout can verify fresh vigor in the meme coin structure price. Traders are now waiting keenly to confirm a conclusive move either way.
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