Dogecoin Shows ‘Higher-Highs’ Price Action in Short-Term Relief for Bulls

Dogecoin (DOGE) climbed 4.29% over the past 24 hours, rising from $0.173 to $0.180, as broad market liquidations swept through the crypto market during the Israel–Iran conflict. The token broke key resistance at $0.177 on above-average volume and held firm near new highs despite intensifying global uncertainty.

News Background

• The Israel–Iran escalation triggered a wave of liquidations across risk assets, yet dogecoin held up better than most major tokens, underscoring its growing appeal beyond pure speculation.
• Elon Musk’s recent increased activity around the Base network has lent DOGE fresh utility—wrapped DOGE tokens now power DeFi apps on Coinbase’s new Layer-2, attracting both retail and institutional users.
• Speculation around a potential DOGE ETF persists, with Polymarket data placing approval odds at roughly 51% for 2025, fueling intermittent build-ups in large-ticket whale orders.
• Daily active addresses on the Dogecoin network remain above 2024 averages, and on-chain transaction volume has stayed consistent, suggesting sustained user engagement even in volatile conditions.

Price Action

DOGE formed a clear uptrend marked by higher lows and higher highs, breaking past $0.177 with a 415 million-unit volume spike. It tested the $0.17–$0.18 zone multiple times, closing near the session peak. In the final hour, DOGE briefly pierced 18 cents before encountering head-and-shoulders resistance at that level, with selling pressure intensifying in the last minutes.

Technical Analysis Recap

• Range & Gain: 4.29% surge from $0.173 to $0.180.
• Resistance: $0.179–$0.180 zone tested repeatedly; short-term ceiling at $0.181.
• Support: $0.168 marked as critical floor, below which a further 30% drop may be triggered.
• Volume Spikes: 13 million at 19:08 and 18.4 million at 19:19 confirmed key resistance tests.
• V-Pattern: Strong V-shaped recovery after finding support at $0.191, with volume surging in final minutes.
• Network Metrics: Daily turnover of $1.05 billion and robust active addresses point to solid network fundamentals.

Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.