Dogecoin forms ‘cup and handle’ – Watch THESE levels closely!
2025-07-10 23:03:33
Main Idea
Dogecoin (DOGE) shows signs of a potential rally with key resistance levels to watch, supported by spot buyer dominance and exchange outflows, but faces risks if bullish momentum falters.
Key Points
1. Dogecoin rebounded from $0.14 support and could target $0.25 if it breaks above $0.198, but rejection near mid-channel may stall progress.
2. Spot market cumulative volume delta (CVD) shows buyer dominance, indicating confidence and potential for upward breakouts, though weakening volume could pose downside risks.
3. Over $8.5 million in DOGE was withdrawn from exchanges on July 10, tightening supply, but reversal of outflows may signal profit-taking and pressure prices.
4. Open Interest surged 15.09% to $2.44 billion with positive funding rates, reflecting derivatives trader confidence, though excessive leverage could lead to liquidations.
5. DOGE's momentum hinges on breaking $0.198 resistance; success could lead to $0.25, while rejection may test lower support levels depending on volume and market stability.
Description
Dogecoin’s bullish momentum builds as buyers return and derivatives activity surges.
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