$DOGE Surges with Strong Demand — Rally or Pause Ahead?
Dogecoin jumped over 19%, climbing from $0.1881 to $0.2232 on Friday, driven by hype and positive market vibes. The meme coin sector's market cap rose 6% in 24 hours, hitting $77 billion, showing renewed investor interest.
Trading volumes heated up, with $6.5 billion in daily trades and Open Interest growing 6.6% to $3.4 billion (CoinGlass). Shorts faced heavy losses, liquidations totaled $8.2 million out of $9.9 million, while longs gained $1.7 million — signaling bullish momentum.
Yet, Glassnode reveals profit supply surged 38% last month, now averaging 105 billion coins, hinting at possible sell-offs that might slow gains.
Technically, DOGE sits above its 50-day EMA, with the 100 and 200-day EMAs offering solid cushions at $0.2033 and $0.2075. Key supports include $0.2200, $0.2075, and $0.1881, while resistances lie at $0.2317, $0.2594, and July’s peak of $0.2871.
If the trend holds and futures keep showing strong retail buying, $DOGE could test $0.2871. But caution is advised as profit-taking risks remain.
