Dogecoin Bulls Defend 16 Cent Support as Elon Musk’s X Payments Speculations Loom

Dogecoin is exhibiting renewed strength, having rebounded 17% from its weekend lows, bolstered by significant buying pressure that has effectively defended the crucial $0.16 support level. This positive movement occurs amidst ongoing geopolitical tensions and macroeconomic uncertainties that continue to impact market sentiment. Notably, DOGE appears to be establishing a higher low pattern, potentially paving the way for further upward momentum.

News Background

The broader cryptocurrency market has faced headwinds due to escalating global tensions and fluctuating trade dynamics. However, Dogecoin has demonstrated resilience, maintaining its position after a dip to $0.142.

During the 24-hour period ending June 26, DOGE found stability above $0.165, closing at $0.1657 – a nearly 3% increase from the session's low point.

Coinbase has recently integrated support for DeFi applications utilizing wrapped Dogecoin (wDOGE) on its Layer-2 Base network, which could broaden the token's potential applications.

Furthermore, speculation persists around Elon Musk's X platform, which has now obtained money transmitter licenses in 39 U.S. states.

While the integration of Dogecoin on the X platform remains unconfirmed, Musk's past influence on the token continues to play a role in shaping market sentiment.

Price Action

Over the past 24 hours, DOGE fluctuated between $0.1628 and $0.1677, representing a 2.97% range. Strong support was identified at $0.1628 during the 15:00 hour, with a substantial volume of nearly 300 million DOGE traded as buyers entered the market. Conversely, a sharp rejection at $0.1677 established a resistance level.

In the final hour of trading, DOGE experienced a 0.98% increase, rising from $0.1645 to $0.1661. Key momentum occurred at 01:28 and 01:34 UTC, with trading volume surging to 10.7M and 20.1M DOGE, respectively. This confirmed buyer interest and propelled the price to a local high of $0.1664. The session concluded with the price consolidating above $0.1659 as volatility diminished.

Technical Analysis Recap

• DOGE traded within a $0.0049 range ($0.1628–$0.1677), up 2.97% over the session.
• $0.1628 confirmed as strong support with volume nearing 300M DOGE during buy-in.
• Resistance formed at $0.1677 during high-volume rejection in the 14:00 hour.
• Price closed at $0.1657, forming a higher low and suggesting bullish continuation.
• 60-minute gain of 0.98% from $0.1645 to $0.1661 during final session hour.
• Volume spikes at 01:28 and 01:34 confirmed strength, pushing to $0.1664 high.
• Price stabilized above $0.1659 in final 15 minutes with decreasing volatility.