Dogecoin Holds Higher Low Within Triangle Formation, Signaling Potential Upside After Dip

Dogecoin Steadies Around $0.17 as Whale Accumulation Doubles Despite Global Market Jitters

Dogecoin has found stable ground near $0.17 after slipping 4.6% over the past day, anchored by strong buying interest between $0.166 and $0.167. The price resilience comes as geopolitical tensions and shifting economic signals keep broader markets on edge.

Despite the recent decline, sentiment around DOGE remains cautiously optimistic. Data shows whale accumulation has surged 112% in the past week, hinting at potential upside if the token can overcome resistance levels at $0.18, $0.21, and $0.36.

Market Dynamics

  • Crypto markets continue to navigate uncertainty as global trade tensions and shifting monetary policies weigh on risk assets.
  • The U.S. has postponed new tariffs until at least August 1, offering temporary relief to investors.
  • Major banks now anticipate Federal Reserve rate cuts ranging from 0.25% to 1% as early as July.
  • Meanwhile, Elon Musk’s announcement of The American Party—a political initiative rumored to include blockchain-based financial solutions—has reignited whale interest in Dogecoin.
  • However, retail enthusiasm for DOGE remains subdued for now.
  • Analysts believe Dogecoin could be forming a long-term cup-and-handle pattern that, if confirmed, might send prices toward $0.75. Still, significant resistance levels stand in the way.

Technical Insights

  • Between July 7 at 05:00 UTC and July 8 at 04:00 UTC, DOGE dropped from $0.174 to a low of $0.166, reflecting a 4.6% loss.
  • Buyers defended the $0.166–$0.167 range multiple times, with notable volume spikes between 13:00 and 16:00 UTC on July 7.
  • Late in the session, DOGE climbed back to $0.168 as volatility tapered off, suggesting selling pressure might be easing.
  • From 03:38 to 04:37 UTC on July 8, DOGE rebounded from $0.1672 to $0.1680, propelled by a burst of trading activity around 04:30 UTC totaling 4.1 million tokens.
  • The emergence of a higher low at $0.1679 signals a potential shift in momentum, raising the prospect of a short-term recovery if buying persists.

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