Dogecoin has made a remarkable recovery after experiencing a sharp selloff over the weekend. The token dropped to a low of $0.143 before bouncing back above $0.153, driven by a surge in trading volume that was over five times the daily average. This increase in volume indicates a renewed interest from buyers at crucial support levels, suggesting a potential shift in momentum amidst the ongoing turbulence in the broader markets.
The current global macroeconomic uncertainty has been a major factor contributing to the volatility in digital assets. Geopolitical tensions and trade disputes between major economies have heightened volatility across risk markets. Additionally, concerns about inflation and the Federal Reserve’s monetary policy have added to the cautious sentiment in the cryptocurrency space.
Despite facing intense selling pressure, Dogecoin managed to find strong support at $0.145, leading to a reversal from its local lows. This resilience in the market structure is notable, especially considering the weakness seen in other altcoins. Technical analysts are now closely monitoring whether Dogecoin can maintain its momentum above $0.153 and break through short-term resistance levels as bullish volume continues to grow.
In terms of price action, Dogecoin exhibited a 9.1% range over a 24-hour period, dropping from $0.157 to $0.143 before climbing back to $0.153. The most significant selling occurred during hours 13-14, with volume spiking to over five times the average and establishing a strong support level at $0.145. The final hour of trading saw a surge in price from $0.152 to $0.153, with a breakout above $0.153432 confirming buyer strength and pushing Dogecoin to a new local high.
From a technical analysis perspective, Dogecoin formed an uptrend with clear higher lows from $0.145 to $0.152. The breakout above $0.153 resistance levels confirmed the strength of the rally, with a significant volume surge at 05:11 further supporting the bullish momentum. The price action is now targeting the $0.155-$0.158 zone, with $0.145 serving as a key support level.
Overall, Dogecoin’s recent recovery highlights the resilience of the market structure and the potential for further upside as bullish momentum continues to build. Traders and investors will be closely monitoring how Dogecoin performs in the coming days, particularly in relation to key resistance levels and overall market sentiment.