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Dogecoin’s Price Surge Offers Bulls a Short-Term Boost with ‘Higher-Highs’ Pattern

Dogecoin has shown resilience in the face of recent crypto market turbulence, climbing 4.29% over the past 24 hours. The token’s rise from $0.173 to $0.180 bucks the broader trend of liquidation pressures during the ongoing Israel–Iran conflict. This rally has broken key resistance levels and signals renewed interest among both retail and institutional investors.

A Bullish Breakthrough

Dogecoin’s recent price movement is noteworthy. The token broke through the $0.177 resistance on above-average trading volume, signaling a potential shift in investor sentiment. “What we’re seeing with Dogecoin is a classic higher-highs pattern,” said crypto analyst Jamie Liu. “It’s not just a speculative play anymore.” Despite global uncertainty, DOGE’s appeal seems to be broadening—partly fueled by Elon Musk’s increasing involvement with the Base network. Wrapped DOGE tokens are being used to power decentralized finance (DeFi) applications on Coinbase’s new Layer-2 platform. This utility is drawing interest not just from retail investors but also from institutions looking for stable yield opportunities. As explored in Dogecoin Jumps 5% as V-Shaped Recovery Shows Rising Demand, the token’s increasing utility is a key driver of its recent performance.

Market Reaction and Speculation

The market’s reaction to DOGE’s performance is intriguing. While many major cryptocurrencies are stumbling under the weight of geopolitical tensions, Dogecoin’s resilience is garnering attention. Daily active addresses have remained robust, and on-chain transaction volumes are consistent, suggesting strong user engagement. According to Polymarket data, there’s speculation about a potential DOGE ETF, with approval odds hovering around 51% for 2025. This speculation has contributed to large-ticket “whale” orders, intermittently boosting DOGE’s price. This follows a similar trend seen in Ether, Dogecoin Surge, Outpaces Bitcoin as DeFi Comments Spurs Bullish Mood, where DeFi developments have spurred bullish sentiment.

Technical Dynamics

From a technical standpoint, Dogecoin is forming a clear uptrend, marked by higher lows and higher highs. The token’s price action between $0.17 and $0.18 has been a battleground, with significant volume spikes—13 million units at 19:08 and 18.4 million at 19:19—confirming key resistance tests. In the final hours of trading, DOGE briefly pierced the 18-cent mark before encountering resistance. “This head-and-shoulders pattern could be a signal for short-term traders,” noted technical analyst Alex Martinez. The critical support level is pegged at $0.168; dropping below this could trigger a further 30% decline.

Wrapping Up

DOGE’s recent price action is a bright spot in an otherwise volatile market. With a daily turnover of $1.05 billion and strong network fundamentals, it appears that Dogecoin is more than a fleeting trend—it’s a cryptocurrency with staying power. However, questions about its long-term viability remain. Can this momentum be sustained in the face of market uncertainty? As we move deeper into 2025, all eyes will be on whether Dogecoin can maintain its upward trajectory or if this rally is just a temporary relief for the bulls.

Source

This article is based on: Dogecoin Shows ‘Higher-Highs’ Price Action in Short-Term Relief for Bulls

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