coindesk.com
News Background
- Dogecoin’s breakout coincided with the Wall Street debut of the first U.S. spot DOGE ETFs.
- That came as bitcoin zoomed above $91,000 late Wednesday, partly reversing last week's slide.
- Grayscale’s GDOG launched on NYSE Arca with modest $1.41 million in day-one volume and zero net inflows.
- Bitwise’s BWOW ETF also opened trading, expanding regulated pathways for traditional investors to access DOGE.
- The launches follow months of accumulation at the $0.14 zone, where DOGE held firm through repeated tests despite broader market volatility.
- Whale distribution from September through November had previously pressured price, but recent ETF-driven legitimacy helped stabilize sentiment across major memecoins.
Technical Analysis
- DOGE’s technical landscape strengthened as the token broke above multi-week resistance at $0.1525. The breakout was powered by a 135% volume surge, peaking at 616.9M tokens—well above the 262.1M daily average.
- The chart printed a sequence of higher lows at $0.1499 and $0.1548, forming a rising structure that validated the shift from consolidation to trend resumption.
- Hourly candles closed consistently above $0.1550, reinforcing bullish control while late-session consolidation suggested orderly positioning rather than profit-taking.
- The broader structure features an inverse head-and-shoulders completion targeting $0.179, alongside a rising channel that remains intact above the 21-period EMA.
- A larger 12-hour falling wedge also points toward a potential move toward $0.27 if macro conditions remain supportive.
Price Action Summary
- DOGE climbed from $0.152 to $0.155 over the 24-hour session, producing a 5.5% range across $0.0086 of movement.
- The decisive breakout occurred at 17:00 on heavy buying, with prices pushing from $0.1478 to $0.1523 in one hour and establishing new support near $0.1548.
- A late-session surge delivered a 12.1M spike at $0.1553—300% above hourly averages—before consolidating slightly below the peak into the close. Price now holds firm above newly reclaimed resistance-turned-support levels.
What Traders Should Know
- DOGE’s ability to maintain support above $0.1548 sets the stage for a retest of $0.157, the next meaningful resistance. Sustained volume remains essential for confirming follow-through after the ETF-driven breakout.
- A failure back below $0.152 risks returning to the $0.1499 structural low, while holding the current rising channel keeps upside targets open toward $0.16, $0.179, and ultimately $0.27 if the larger wedge pattern resolves.