Dogecoin Rallies 5% on Strong Institutional Interest and Breakout Momentum
Dogecoin (DOGE) surged 5% over the past day, driven by robust buying from large holders and a key technical breakout. The price jumped sharply between 12:00 and 13:00 UTC on July 6, climbing from $0.166 to $0.173, with trading volume soaring to 1.14 billion DOGE—roughly six times the average daily volume.
Currently, DOGE is consolidating between $0.170 and $0.173, as traders watch closely the $0.173–$0.175 resistance zone. A sustained move above this range could open the door to gains toward $0.18 and potentially $0.21.
On-chain data shows that whale wallets holding between 1 million and 100 million DOGE have been steadily accumulating since late June, signaling confidence among major investors even as smaller holders have been trimming positions.
This rally comes amid broader market uncertainties, including the upcoming July 9 tariff deadline and speculation around Elon Musk’s new political party, which some believe could integrate DOGE payments on his social media platform X. These factors have helped maintain enthusiasm around DOGE despite wider market fluctuations.
Technical Highlights:
- DOGE rose 5% from $0.163 to $0.171 in the 24-hour period ending July 7, 02:00 UTC.
- The biggest spike occurred between 12:00 and 13:00 UTC on July 6, reaching $0.173 with heavy volume.
- Support is firm at $0.166, providing a strong base for buyers.
- Current resistance levels to watch are $0.173, $0.175, and $0.18.
- Late-session price action confirmed breakout strength with a modest gain.
- Volume spikes at 01:16 and 01:36 UTC point to sustained buying interest.
With traders actively buying dips and positioning for further upside, Dogecoin’s outlook remains bullish as the market awaits additional catalysts.
