Dogecoin Price Mixed Signals: Drop and $0.29 Bullish Breakout
Dogecoin price saw a 4.8% drop after rejecting resistance at $0.2783, briefly finding support near $0.266. Traders should watch key levels: support at $0.26–$0.27 and resistance at $0.2783, $0.31 and $0.36.
On July 22, a falling wedge breakout on the 30-minute chart with rising volume pointed to a potential move to $0.2892. Higher-timeframe signals hinge on a weekly close above $0.2783. The Dogecoin price momentum hinges on breaking this level.
On-chain data from Glassnode reports a 110% surge since June 21, declining whale and small-holder supply, and stronger mid-term conviction. The mix of bearish pressure and bullish momentum suggests traders monitor $0.26 and $0.31 closely.
Bullish
Short-term, Dogecoin faces bearish risk if it fails to hold support around $0.26, reflecting the recent 4.8% drop. However, the falling wedge breakout on the 30-minute chart and rising volume have created bullish momentum that could drive a move toward $0.2892. A weekly close above $0.2783 is critical to confirm this reversal. On-chain metrics—110% price surge since June 21, declining whale and small-holder supply—underscore stronger mid-term conviction and reduced liquidity, which may fuel volatility but lean toward further gains. Overall, mixed signals suggest caution, yet the prevailing momentum and on-chain strength point to a bullish outlook for traders targeting $0.31 and $0.36.