Dogecoin witnessed a significant 6% increase during the trading session from July 9 to 10, surging past resistance in a dramatic rally before experiencing a sharp reversal late in the session.
News Background: Trade Pause and Rate Bets Fuel Risk Rally
- Market sentiment improved after the U.S. extended its “Liberation Day” tariff deadline by three weeks, allowing time for trade negotiations and alleviating short-term pressure on risk assets.
- Expectations for a Federal Reserve rate cut in July are rising, with major banks anticipating cuts of 25–100bps in Q3 if next week’s inflation data is disappointing.
- These macro changes provided momentum to crypto markets, enabling DOGE and other high-beta assets to rebound sharply from critical support levels.
Price Action Summary
- DOGE rose 6% from $0.170 to $0.186 between July 9 at 03:00 and July 10 at 02:00.
- The breakout occurred between 19:00 and 20:00 on July 9, with a price jump of $0.007 and volume reaching 1.52B—almost double the 24-hour average.
- Significant resistance was found at $0.186, with heavy volume causing repeated rejections.
- Support remained around $0.180–$0.181 as the session closed.
- In the final hour (02:28–03:27), DOGE dropped 0.55% from $0.181 to $0.180, creating a sharp reversal pattern with increasing downside momentum.
Technical Analysis
- Range: $0.016 or 9.23% between a low of $0.170 and a high of $0.186.
- Resistance: $0.186 peak, with high-volume rejections occurring between 21:00 and 23:00.
- Support: The $0.180–$0.181 zone held until the close, but broke during the final hour selloff.
- Breakdown: In the 02:28–03:27 session, support levels at $0.1808, $0.1806, and $0.1803 broke successively under heavy selling volume, indicating institutional distribution.
- Volume: 1.52B at breakout, 4.9M during the final reversal, confirming both bullish entries and bearish exits.
What Traders Are Watching
- Can DOGE reclaim $0.186 and convert resistance into support? Watch for sustained volume above this level.
- If downward movement continues, $0.176 and $0.172 are the next potential support levels from previous consolidation zones.
- RSI and OBV readings on shorter timeframes indicate short-term exhaustion, but macro sentiment remains overall bullish.
- The range from July 9–10 could serve as the “handle” in a larger weekly cup-and-handle pattern—validation would require a breakout above $0.195 with high volume.
Takeaway
DOGE appears poised for a breakout. Several bullish technical patterns—including a multi-year cup-and-handle, higher-low base, and triple bottom—align with increased institutional whale accumulation.
A decisive move above the $0.175–$0.20 resistance zone, especially with a surge in volume, could initiate a strong rally towards $0.25 and beyond.
(Disclaimer: Parts of this article were generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.)
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