Dogecoin popped back into focus during Sept. 5–6 trading, staging sharp intraday swings as trading volume jumped roughly 29% above weekly averages. A midday selloff to $0.213 was quickly absorbed by buyers, and traders say a sustained close above $0.22 would mark a decisive breakout that defines near-term momentum.
Price action was concentrated inside a tight band. DOGE hit a local high of $0.2157 and traded in a roughly $0.008 range between $0.213 and $0.221. The steepest move came around 14:00, when the token fell from $0.220 to $0.213 on about 1.31B in volume, a drop that established the $0.213–$0.214 area as a robust support level. Buyers later pushed prices back toward $0.216 by the close.
Technical indicators show a neutral-to-mildly bullish picture. Traders point to a clear resistance band at $0.220–$0.221 after multiple rejections, while the one-hour spike above $0.2157 on roughly 3.06M suggests renewed buying pressure. The RSI sits near the mid-50s and the MACD histogram is converging toward a possible bullish crossover. On-chain and pair-level studies flagged accumulation and an upward break from a descending triangle on DOGE/BTC.
Institutional signals are amplifying attention. Reports of a proposed $200 million Dogecoin treasury initiative — reportedly led by Elon Musk’s legal counsel — and filings from REX Shares and Osprey Funds for the first U.S. Dogecoin ETFs have traders pricing in potential large-scale inflows. Futures activity, which surged about 119% in August, further points to increased institutional positioning around the meme-coin.
What traders are watching: a string of daily closes above $0.22 would likely open upside targets in the $0.30–$0.35 zone, while failure to hold the $0.213–$0.214 base could expose downside toward $0.21. Risk note: ETF filings and treasury plans are catalysts but not guarantees — approvals, timing, and liquidity flows can change quickly. Market participants should manage position size and expect volatility.
Source: CoinDesk. Read the original coverage for full details.