Dogecoin Flashes Bullish Continuation After Bounce at 16-Cents on Six Times Higher Volume

Dogecoin surged 5% in the last 24 hours, climbing from $0.163 to $0.171 amid rising institutional accumulation and a technical breakout above key resistance. The most aggressive price action came between 12:00 and 13:00 UTC on July 6, when DOGE jumped from $0.166 to $0.173 on massive volume exceeding 1.14 billion — nearly 6x its daily average. Strong volume-based support formed at $0.166, with consolidation now occurring between $0.170 and $0.173. Analysts are watching the $0.173-$0.175 zone as immediate resistance; a clean break above could open up a path to $0.180 and $0.21. On-chain data also shows that while smaller holders have exited positions, whales holding 1M–100M DOGE have steadily accumulated since June 28, signaling long-term confidence. News Background The price action unfolds as President Trump’s “Liberation Day” tariff deadline (July 9) continues to weigh on markets. Meanwhile, Elon Musk’s launch of The American Party , widely speculated to eventually integrate DOGE for payments on X, has added momentum and visibility. With macro headwinds still unresolved, DOGE’s structure suggests buyers are stepping in at each dip — a potential sign of early positioning ahead of a larger move. Technical Analysis Highlights DOGE gained 5.01% from $0.163 to $0.171 between 6 July 03:00 and 7 July 02:00. The strongest move occurred between 12:00–13:00 UTC, with DOGE spiking to $0.173 on 1.14 billion volume. Support established at $0.166, validated by high-volume buying pressure. Consolidation followed between $0.170–$0.173, with multiple resistance tests at $0.173 during the 21:00–23:00 window. In the last hour of trading, DOGE rose from $0.171 to $0.172 (+0.85%) with breakout confirmation between 01:30–01:37. Volume spikes of 12.8M at 01:16 and 8.0M at 01:36 suggest continued bullish momentum. Immediate resistance levels: $0.173, $0.175, and $0.180; critical support remains at $0.166. (Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)

Source: CoinDesk