Usman Salis
Dogecoin has jumped 19.7% in two weeks, outpacing Bitcoin's 8.75% gain during the same period. Technical signals point to a potential 27% rally toward the $0.25 resistance zone.
Dogecoin [DOGE] is having a solid run lately, climbing 19.7% since July 7th while Bitcoin managed just 8.75% over the same timeframe. This shows memecoins are catching some serious momentum as Bitcoin hits new all-time highs against the dollar.
Bitcoin's $11,000 weekly gain after breaking out of a descending channel is helping lift the entire crypto market. The good news? On-chain data suggests BTC isn't overheated yet, which could keep supporting DOGE and other memecoins in the coming weeks.
DOGE Price Breaks Key Resistance Levels
Looking at the daily chart, things got interesting after DOGE retested the $0.142 range lows on June 22nd. Since then, it's been making higher lows and higher highs - a classic bullish pattern that's been holding strong through July.
The $0.173 resistance that stopped DOGE cold in early July? Bitcoin's rally helped smash right through it. But the real test came at $0.196, where there was a nasty bearish order block from mid-June. On July 11th, DOGE managed to punch through this supply zone too.
Now that $0.196 level is likely to flip into support where DOGE can bounce from. There's one red flag though - the On-Balance Volume (OBV) is still below June's high, suggesting buying pressure might be cooling off a bit.
Next Target: $0.25 Resistance Zone
The liquidation heatmap shows there's a small chance DOGE could dip to the $0.19 liquidity cluster, but the more likely scenario has it heading toward the $0.23 magnetic zone. Since price tends to get pulled toward these liquidity areas, we're probably looking at DOGE extending its rally toward that $0.23-$0.25 supply zone.
That would be roughly a 27% gain from current mid-range levels - not bad for a week or two of trading. But here's the thing: demand needs to keep flowing in for this to work.
Trading the DOGE Range
Smart traders should look at going long around the mid-range level and targeting that 27% rally to the range high. But don't get too greedy when price approaches $0.25 - that's where you might want to think about flipping short.
Until we see a clean breakout above $0.25 and a successful retest of that level as support, expect DOGE to keep bouncing around in this range. The setup looks decent, but this is still a memecoin we're talking about, so keep your risk management tight.
Usman Salis
