Dogecoin remained resilient above the $0.070 support level this week, as renewed interest from major holders and heightened derivatives activity provided a boost to the cryptocurrency’s profile. As of the most recent trading session, DOGE changed hands around $0.072, showing only a modest decline over the previous hours.
Whales accumulate through Robinhood
Large investors commonly known as “whales” amassed 200 million DOGE tokens via the commission-free trading platform Robinhood, accounting for approximately $14 million in transaction value. Analysts stated that this significant accumulation by key actors may affect liquidity and short-term price trends for Dogecoin.
Whales purchased another large tranche of DOGE tokens on Robinhood, totaling 200 million valued at $14 million. Such sizeable buying activity often draws attention to potential shifts in market sentiment among major participants.
Robinhood is a leading US-based financial services company known for offering zero-commission trading for stocks and cryptocurrencies, with a reputation for attracting both retail and institutional investors.
Within derivatives markets, DOGE observed a dramatic surge in trading action, with daily volume in derivatives increasing by 114% to $739.56 million. Open interest rose 3.74% to reach $1.08 billion, suggesting more capital entering leveraged positions on the asset.
Mini dictionary: Open interest refers to the total number of outstanding derivative contracts, such as futures and options, that have not been settled. Higher open interest often indicates increased market participation and liquidity.
| Metric | Previous | Current | Change |
|---|---|---|---|
| Derivatives trading volume | $345.46 million | $739.56 million | +114% |
| Open interest | $1.04 billion | $1.08 billion | +3.74% |
Technical signals and analyst targets
Technical analysts observed that Dogecoin’s weekly TD Sequential indicator displayed multiple consecutive buy signals. Market chartist Ali Charts mentioned that this rare pattern might precede a sizeable rally in DOGE’s valuation.
The weekly TD Sequential indicator for Dogecoin registered several buy signals in a row, creating a setup that sometimes anticipates a sharp upward move in the market.
In addition, analyst Javon Marks reported that DOGE had moved above an important resistance point and was consolidating—a phase that in some previous cycles was followed by extended upward trends. Marks’ projections include a first target above $0.70 and a longer-range goal of $1.25 if momentum continues.
Another observer, Namtoshi Dogemoto, identified a double-bottom chart formation on the weekly timeframe, with the neckline set between $0.45 and $0.50. If the price manages a breakout above this area, Dogemoto estimates a possible upside exceeding $3.00, citing similarities to rallies seen in earlier cycles.
Mini dictionary: A double-bottom is a technical chart pattern that signals a potential reversal in a downward trend, typically featuring two similar lows separated by a moderate peak. A breakout above the pattern’s neckline can be interpreted as confirmation of a new upward trend.
ETF flows and technical indicators
DOGE-based spot exchange-traded fund (ETF) products recorded zero daily net inflows on July 17, leaving their cumulative net inflows at $11.77 million. Total ETF assets reached $10.03 million, as reported by SoSoValue.
Technically, the MACD histogram turned slightly positive at 0.00003, while the Chaikin Money Flow indicator advanced to 0.28, suggesting growing capital accumulation and waning bearish momentum.
Some analysts highlighted critical price zones to track. Sustained trading above $0.075 could send DOGE to test the $0.080 and $0.085 resistance levels. A move below $0.070 would likely shift focus toward $0.068 as a key support.
DOGE’s ability to hold above $0.070, alongside steady ETF inflows and rising derivatives activity, continues to position it as one of the more closely watched assets among major cryptocurrencies.
