DOGE (Dogecoin) rose 7.82% in 24 hours

Gate News Bot news, July 11th, according to CoinMarketCap data, as of the time of writing, DOGE (Dogecoin) is currently priced at $0.19, with a rise of 7.82% in the last 24 hours, reaching a high of $0.20 and a low of $0.16, with a 24-hour volume of $1.789 billion. The current market capitalization is approximately $29.107 billion, an increase of $2.11 billion compared to yesterday.

Dogecoin is an open-source peer-to-peer digital currency that is favored by Shiba Inu enthusiasts worldwide. As a cryptocurrency, Dogecoin utilizes blockchain technology, maintained by a highly secure decentralized information storage system as a public ledger, through a network of computers known as nodes. The core philosophy of Dogecoin is summarized in the Dogecoin Declaration, which boasts a vibrant community filled with friendly people like you.

Important news about DOGE recently:

1️⃣ DOGE breaks through key resistance level, technical indicators show bullish signals The price of DOGE has successfully broken through the key resistance level of $0.18 and formed a bullish double bottom pattern on the daily chart. This technical breakout lays the foundation for a potential rise. The neckline of the double bottom pattern is at $0.2596, and if the price can break through and hold above this level, it is theoretically expected to reach a target of $0.3753, with a potential increase of up to 132%.

2️⃣ Bullish bets increase, derivatives market shows optimistic sentiment According to Coinglass data, the long-short ratio of DOGE has reached 1.10, reflecting strong bullish sentiment in the market. As much as 66% of traders hold long positions in DOGE, further confirming investors' confidence in its rise prospects. At the same time, open interest has surged by 13% within 24 hours, reaching $2.92 billion, indicating that new capital is flowing into the market.

3️⃣ Weak U.S. inflation data expectations drive a rebound in the overall cryptocurrency market The market generally expects that the upcoming CPI data from the United States may be lower than expected, which will strengthen expectations for a Fed rate cut and help cryptocurrencies and risk assets continue their rebound. DOGE, as one of the top-ranked cryptocurrencies by market capitalization, is likely to benefit from the overall improvement in market sentiment.

From a technical perspective, DOGE is currently facing a key turning point. $0.20 is the next resistance level that must be closely monitored; if it breaks above this level, it will open up space for further rise. Conversely, if it falls below $0.18, it may undermine short-term bullish expectations.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.