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

Dogecoin (DOGE) demonstrated resilience, climbing 4.29% over the past 24 hours, moving from $0.173 to $0.180. This upward movement occurred even as broad market liquidations swept through the crypto landscape amidst the Israel–Iran conflict. The token successfully breached a key resistance level at $0.177 on higher-than-average volume and maintained its position near recent highs, despite heightened global uncertainty.

News Background

The escalation between Israel and Iran triggered widespread liquidations across various risk assets. However, Dogecoin exhibited greater stability compared to many other major tokens, highlighting its increasing appeal beyond purely speculative interest.

Elon Musk’s recent focus on the Base network has introduced new utility for DOGE. Wrapped DOGE tokens are now facilitating DeFi applications on Coinbase’s Layer-2 solution, attracting both retail and institutional participation.

Speculation surrounding the potential launch of a DOGE ETF continues to circulate. Data from Polymarket suggests approximately a 51% probability of approval in 2025, contributing to periodic surges in large whale orders.

The number of daily active addresses on the Dogecoin network remains above the 2024 average, and on-chain transaction volume has remained consistent. This suggests sustained user engagement, even during periods of market volatility.

Price Action

DOGE established a clear uptrend, characterized by successively higher lows and higher highs, breaking through the $0.177 mark with a volume spike of 415 million units. It repeatedly tested the $0.17–$0.18 range, closing near the session peak. In the final hour, DOGE briefly surpassed 18 cents before encountering resistance at that level, with selling pressure increasing in the closing minutes.

Technical Analysis Recap

• Range & Gain: 4.29% increase from $0.173 to $0.180.
• Resistance: The $0.179–$0.180 area was tested multiple times; a short-term ceiling exists at $0.181.
• Support: $0.168 is identified as a crucial floor; a break below this level could trigger a further 30% decline.
• Volume Spikes: Spikes of 13 million at 19:08 and 18.4 million at 19:19 confirmed key resistance tests.
• V-Pattern: A strong V-shaped recovery occurred after finding support at $0.191, accompanied by a surge in volume during the final minutes.
• Network Metrics: A daily turnover of $1.05 billion and robust active addresses indicate 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.