Key Resistance Levels in Sight as Market Sentiment Improves
The Dogecoin (DOGE) market witnessed a notable 7% price jump over the past 24 hours, fueled by reports of over $200 million in whale purchases and rising derivatives interest. Futures open interest has now surpassed $3 billion, indicating growing speculative activity and renewed optimism among traders.
At the time of writing, DOGE/USDT is trading near $0.003465 after a brief intraday pullback. Price action shows the asset breaking out of a prolonged descending channel, with buyers defending the $0.0030 support zone marked by heavy accumulation.
Technical patterns suggest upside potential toward the $0.27 level, with $0.25 now acting as a critical support area in the medium term. , “The breakout from the downtrend and the retest of support are key bullish signals. As long as DOGE holds above the green demand zone, the probability of testing higher resistance bands remains high.”According to BITX .
Volume data also supports the bullish case, with a sharp increase in buying pressure visible as price reclaimed the $0.0033 level. The red zone on the chart marks a short-term resistance range between $0.0038 and $0.0040, which, if breached, could accelerate momentum toward the next target.
However, not all experts are unanimously bullish. Some caution that the overextended futures market could lead to short-term volatility. According to BITX analyst , “Open interest above $3 billion suggests a lot of leveraged positions. If sentiment shifts abruptly, liquidations could cause a sharp retracement before the next leg up.”
In conclusion, Dogecoin’s recent breakout, whale accumulation, and strong support levels point to a constructive technical outlook. Traders will be closely watching the $0.0040 resistance for confirmation of the next bullish phase.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.