Dogecoin staged a volatile but constructive rebound this week, trading through a tight $0.21–$0.22 range while a surge in turnover signaled heavier hands entering the market. Traders and on-chain trackers flagged an 808.9 million DOGE turnover during the recovery — roughly double the weekly average — putting institutional flows squarely on the table.
The token spent a 23-hour stretch of choppy trading as Bitcoin wobbled intraday. Price action included a dip to $0.21 before a concentrated recovery lifted DOGE back to $0.22. Within a focused 60-minute window, a 13.9 million DOGE spike at 12:09 GMT stood out as a likely sign of accumulation rather than retail panic.
Key technical levels are clear: $0.21 has acted as a structural floor, repeatedly defended during the overnight sell-off, while $0.22 is the immediate ceiling. Market participants are watching for a decisive close above $0.225 — a breakout there would validate momentum and make $0.25 the near-term target, with an extended cup-and-handle scenario pointing toward $0.30 if broader resistance clears.
Momentum indicators paint a cautiously optimistic picture. The RSI sits around the mid-50s, signaling a neutral-to-bullish bias, and the MACD histogram has compressed — a setup that can precede an upside crossover if volume continues. The unusual jump to 808.9M traded (versus a ~378.5M weekly average) strengthens the case that larger traders helped fuel the rebound.
What matters next: a confirmed break above $0.225 on sustained volume would likely trigger further buying, while a renewed breach of $0.21 would reopen downside risk. Traders will also monitor futures open interest and large exchange inflows/outflows for early clues about positioning. Outside-market factors — Fed signals, trade headlines and geopolitical developments — remain potential catalysts that could tilt flows into or away from risk assets like DOGE.
Risk note: This is market analysis, not investment advice. Volatility can be extreme in meme-coin markets and technical setups can fail. Manage position size and watch liquidity and order-book depth before acting.
Source: CoinDesk. Read the original coverage for full details.