Dogecoin (DOGE) is showing renewed strength after rebounding sharply from recent lows, with bulls defending the key $0.16 support level despite ongoing global market volatility. The memecoin has attracted attention amid rising speculation over Elon Musk’s X platform and new use cases introduced via Coinbase’s Base network.
DOGE Rebounds 17% from Weekend Lows
Over the past few days, Dogecoin surged 17% from its weekend low of $0.142, closing the June 26 session at $0.1657, up nearly 3% from the daily low. The coin traded in a tight intraday range of $0.1628 to $0.1677, with notable buy-in volume approaching 300 million DOGE near the lower end of this range.
$0.1628 has now emerged as a confirmed short-term support zone, marked by high-volume accumulation.
Resistance formed at $0.1677, with selling pressure appearing during the 14:00 hour.
Technical Signals Favor Bullish Continuation
On the hourly chart, DOGE has formed a higher low structure, indicating potential for a sustained move upward if support holds.
A 0.98% gain was observed in the final trading hour, from $0.1645 to $0.1661.
Volume spikes at 01:28 and 01:34 pushed the price to a session high of $0.1664 before stabilizing at $0.1659 with fading volatility.
These signs suggest growing trader confidence and a reduced likelihood of a breakdown, provided macroeconomic conditions remain stable.
Musk’s X Payments and Coinbase Drive Sentiment
Market sentiment continues to be influenced by Elon Musk’s X platform, which now holds money transmitter licenses in 39 U.S. states. Although DOGE integration remains speculative, Musk’s history with the token has previously triggered explosive rallies.
In parallel, Coinbase has added support for DeFi applications using wrapped Dogecoin (wDOGE) on its Base Layer-2 network, creating a new utility path for DOGE holders within the decentralized finance ecosystem.
Expanding use cases and potential platform integration are key drivers supporting bullish sentiment in the near term.
Outlook: DOGE Eyes $0.17 Breakout
As long as $0.16 holds as strong support, Dogecoin bulls may target a breakout above the $0.1677 resistance level. A successful move could open the path toward $0.1720 and beyond, especially if external catalysts — like X integration or market-wide recovery — emerge.
With decreasing volatility and stable price action, Dogecoin is positioning for a potential upside breakout.
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.