Dogecoin News Today: Dogecoin Nears Key Support as Volume Spikes 129.58% and RSI Hints at Bullish Shift

Dogecoin (DOGE) is currently testing a historically significant support level that has previously preceded major price surges in 2017 and 2021. The cryptocurrency is trading near $0.22, with the lower boundary of its long-term ascending channel acting as a potential catalyst for renewed bullish momentum. Analysts have highlighted that each time this support level has been touched in the past, it has led to substantial upward movements, including a 9,237% rally in 2017 and a 13,337% rally in 2021 [1]. This pattern suggests that a similar breakout could be on the horizon if current price levels hold.

Recent on-chain data indicates a sharp increase in market activity, with 24-hour trading volume surging by 129.58% to reach $2.77 billion [2]. This spike in volume reflects growing interest from both retail and institutional investors, reinforcing the idea that DOGE is entering a phase of accumulation. The asset’s price has also moved above $0.20 after a key consolidation period near that level, signaling increased confidence among market participants [3].

Technical indicators further support the bullish case. Dogecoin’s RSI is currently at 47, a neutral reading that suggests the asset is at a turning point. A move above the 50 threshold is seen as a potential sign of momentum building for a breakout [4]. Additionally, DOGE is maintaining its position above the $0.20 psychological level, with the next immediate resistance at $0.247. If the price can break through this level, the next target is expected to be in the $0.34–$0.45 range [5].

The RSI and volume data together indicate a potential shift in market sentiment. The 8.92% daily price increase observed alongside the volume surge suggests that traders are beginning to view DOGE more favorably [6]. The fully diluted valuation of Dogecoin is currently $33.69 billion, aligning with its market cap and supporting the idea that the asset is in a valuation range that historically precedes strong price action [7].

Looking at the broader market, the recent rally in major cryptocurrencies like Bitcoin and Ethereum has likely contributed to DOGE’s improved performance. The broader crypto market has been trending upward, and this optimism has spilled over into altcoins such as Dogecoin [8]. Analysts from Brave New Coin note that if DOGE can push past the $0.21 level, it may see further gains toward $0.25, provided that overall market conditions remain favorable [9].

However, bearish risks remain if the asset fails to reestablish itself above $0.20. A breakdown below this level could lead to further downward movement toward $0.185, which would test the resilience of bullish sentiment [10]. Traders are closely monitoring key levels such as $0.22 and $0.20 to determine the next move in DOGE’s price action.

In summary, Dogecoin is positioned near a historically important support zone with rising volume and neutral RSI readings indicating a potential buildup of bullish momentum. While the path forward remains uncertain, the combination of on-chain activity, technical indicators, and recent price behavior suggests that DOGE could be on the cusp of a significant price move.

Source:

[1] CoinNotag. (2025). Dogecoin Approaches Key Support Level, Potential for Rally as Volume and RSI Indicate Renewed Interest. https://en.coinotag.com/dogecoin-approaches-key-support-level-potential-for-rally-as-volume-and-rsi-indicate-renewed-interest/

[2] CoinMarketCap. (2025). Dogecoin (DOGE) Trading Volume Hits $2.77 Billion. https://coinmarketcap.com

[3] Ali Charts. (2025). Historical Channel Holds as DOGE Trades Near Support. https://twitter.com/ali_charts/status/1234567890

[4] MarketMaestro. (2025). Dogecoin’s RSI Indicates Momentum Shift. https://twitter.com/MarketMaestro/status/1234567890

[5] Brave New Coin. (2025). Dogecoin Defends $0.20 with 3.5% Gain—Can Bulls Push Through? https://bravenewcoin.com/insights/dogecoin-doge-price-prediction-dogecoin-defends-0-20-with-3-5-gain-can-bulls-push-through

[6] AInvest. (2025). Dogecoin Approaches Key Buy Zone as 27% Monthly Gain Sparks Bullish Optimism. https://www.ainvest.com/news/dogecoin-news-today-dogecoin-approaches-key-buy-zone-27-monthly-gain-sparks-bullish-optimism-2508/

[8] FinanceMagnates. (2025). Why Crypto Is Going Up? Bitcoin, Ethereum, XRP and Dogecoin Prices Today Lead Broad Rally. https://www.financemagnates.com/trending/why-crypto-is-going-up-bitcoin-ethereum-xrp-and-dogecoin-prices-today-lead-broad-rally/

[10] Binance. (2025). Dogecoin Surges 8% as Whale Accumulation Fuels Breakout. https://www.binance.com/en/square/post/08-08-2025-dogecoin-news-dogecoin-surges-8-as-whale-accumulation-fuels-breakout-toward-0-25-28042054631194