Dogecoin Gains 0.8% in 24 Hours, Bullish Momentum Intact

Dogecoin is currently trading within a rising channel, with the critical short-term resistance level set at $0.1697. This pattern has been reinforced by multiple V-shaped recoveries since June 21, indicating a strong bullish momentum. The current support level is at $0.1634, where buyers have been actively defending against dips near the lower trendline.

As of the latest update, Dogecoin is trading at $0.1670, reflecting a 0.8% gain over the past 24 hours. The hourly chart shows a clear trend of bullish reversals, suggesting an imminent breakout. The market's momentum is evident, with the price movement forming an ascending channel. This structure has been particularly effective in solidifying upward breakouts, especially after a period of consolidation.

Over the past week, Dogecoin has maintained higher lows, indicating consistent accumulation pressure. The latest price pattern is enclosed in a rising wedge, visible after June 27. This formation is supported by three successful bounces off the lower trendline. Each recovery has followed steep declines, indicating fast rebounds supported by increased demand. Notably, the most recent surge was met with selling at the $0.1697 resistance. However, the price remains near that level, suggesting that bulls are not retreating.

Historical recovery zones indicate repeated patterns of compressed price action followed by rapid upswings. For instance, there was a steep reversal of a descending wedge between June 21 and June 23, creating a rapid upward breakout. On June 27, another such structure emerged as the price bounced off local lows. Each leg up has been sharper than the last, which could be seen as momentum gaining strength with each retracement. While the current price still trades below $0.17, the formation remains intact.

As July approaches, the key resistance to monitor is the $0.1697 level. A sustained break above that could open the path toward higher targets. The presence of a well-defined upward channel gives the structure for a continuation. It is worth noting that every attempt to break down has been preceded by a vigorous bout of buying in short-term retreats. The price is also trading above marked support, thus providing further support to the short-term bullish structure.