š¹ Dogecoin (DOGE) has made a strong comeback ā rebounding 17% from its weekend sell-off and firmly holding the key $0.16 support level. While global markets face geopolitical uncertainty, DOGE appears to be gearing up for further growth, especially amid rising speculation about its possible use in Elon Muskās X payment system.
š Whatās Happening on the Market?
Dogecoin has bounced back quickly from the weekend drop and formed a new higher low, which bulls see as a solid signal of a continuing upward trend. The bounce from $0.1628 was accompanied by massive buying pressure, with nearly 300 million DOGE tokens traded in just a few hours.
Meanwhile, Coinbaseās support for wrapped Dogecoin (wDOGE) in DeFi apps is adding to market interest ā and this meme coin is once again proving itās no joke.
š Price Action & Key Technical Levels
Over the last 24 hours, DOGE traded within a tight but active range between $0.1628 and $0.1677, reflecting a price swing of nearly 3%.
Key developments:
š¹ Strong support: Confirmed at $0.1628 with heavy buying volume
š¹ Short-term resistance: Formed at $0.1677
š¹ Closing price: $0.1657 ā forming a higher low and signaling bullish momentum
š¹ Last hour gain: 0.98% rise from $0.1645 to $0.1661
š¹ Volume spikes: At 01:28 and 01:34 UTC, volumes surged to $10.7M and $20.1M, pushing DOGE to a session high of $0.1664
š¹ Stabilization: In the final 15 minutes, the price held above $0.1659 with notably lower volatility
š” Whatās Driving the Rally?
Beyond technical triggers and volume surges, a major factor is speculation surrounding Elon Muskās plans to integrate cryptocurrency payments into X (formerly Twitter). Many investors hope that Dogecoin could play a central role, significantly boosting optimism across the community.
š§ Summary
Dogecoin is showing signs of renewed strength:
š¹ Holding crucial support
š¹ Clear volume-driven momentum
š¹ Gradually building a structure of higher lows
Altogether, this suggests DOGE might be poised for another upward wave, as long as positive sentiment continues and official confirmation about Musk's payment system arrives.
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