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CoinDesk 2025-06-26 06:42:10

Dogecoin Bulls Defend 16 Cent Support as Elon Musk’s X Payments Speculations Loom

Dogecoin Bulls Defend 16 Cent Support as Elon Musk’s X Payments Speculations Loom

Dogecoin is showing fresh signs of strength after rebounding 17% from weekend lows, with strong buying pressure defending the critical $0.16 support zone. The bounce comes as geopolitical tensions and macroeconomic uncertainty continue to weigh on markets, yet DOGE appears to be building a higher low structure that could set the stage for further upside. News Background The broader crypto market has been rocked by escalating global tensions and unstable trade dynamics, but Dogecoin has managed to hold ground after a sharp decline to $0.142. In the 24-hour period ending June 26, DOGE stabilized above $0.165 and closed at $0.1657—up nearly 3% from the session low. Coinbase recently added support for DeFi applications using wrapped Dogecoin (wDOGE) on its Layer-2 Base network, potentially expanding the token’s use case. At the same time, speculative buzz continues to swirl around Elon Musk’s X platform, which has now secured money transmitter licenses in 39 U.S. states. While Dogecoin integration remains unconfirmed, Musk’s historical influence on the token remains a factor in market sentiment. Price Action DOGE traded between $0.1628 and $0.1677 over the last 24 hours, representing a 2.97% swing. The asset found strong support at $0.1628 during the 15:00 hour, with nearly 300 million DOGE traded as buyers stepped in. A sharp rejection at $0.1677 later defined resistance. In the final hour of trading, DOGE climbed 0.98% from $0.1645 to $0.1661. Key momentum came at 01:28 and 01:34 UTC, with volume surging to 10.7M and 20.1M DOGE, respectively—confirming buyer interest and pushing the price to a local high of $0.1664. The session ended with price consolidating above $0.1659 as volatility cooled. Technical Analysis Recap • DOGE traded within a $0.0049 range ($0.1628–$0.1677), up 2.97% over the session • $0.1628 confirmed as strong support with volume nearing 300M DOGE during buy-in • Resistance formed at $0.1677 during high-volume rejection in the 14:00 hour • Price closed at $0.1657, forming a higher low and suggesting bullish continuation • 60-minute gain of 0.98% from $0.1645 to $0.1661 during final session hour • Volume spikes at 01:28 and 01:34 confirmed strength, pushing to $0.1664 high • Price stabilized above $0.1659 in final 15 minutes with decreasing volatility

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