DOGE (Dogecoin) fell 3.90% in 24 hours.

Gate News Bot news, July 8, according to CoinMarketCap, as of the time of writing, DOGE (Dogecoin) is currently priced at $0.17, down 3.90% in the last 24 hours, with a high of $0.18 and a low of $0.16. The current market capitalization is approximately $25.108 billion, a decrease of about $1.02 billion compared to yesterday.

Dogecoin is an open-source peer-to-peer digital currency that was originally created as a joke. At its core is the use of blockchain technology, which is a highly secure decentralized information storage system maintained by a network of computers known as nodes, providing a public ledger. The philosophy of Dogecoin is encapsulated in the Dogecoin declaration, and its vibrant community is made up of friendly people like you. The Dogecoin community focuses on supporting each other, being kind, educating others about cryptocurrency, fundraising, entertainment, creating memes, and embracing absurdity. This is well reflected in Dogecoin's unofficial slogan: Do good every day.

Important news about DOGE recently:

1️⃣ Price breaks through key resistance level, forming a bullish technical pattern The price of DOGE successfully broke through the resistance level of $0.16 and formed a bullish double bottom pattern on the daily chart. This technical breakout lays the foundation for a potential upward trend. The neckline of the double bottom pattern is at $0.2596, and if the price can break through and hold above this level, it theoretically has the potential to reach a target of $0.3753, with an 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 many as 66% of traders hold long positions in DOGE, further confirming investors' confidence in its upward potential. 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 Elon Musk and Trump's dispute escalates, but the impact on DOGE is limited Despite the escalation of the dispute between Elon Musk and Donald Trump, analysts believe that the direct impact on DOGE prices may be limited. The market seems to be driven more by technical factors and overall cryptocurrency market sentiment rather than the statements of individual celebrities. This reflects a potential reduction in the cryptocurrency market's reliance on the remarks of a single celebrity.

From a technical perspective, DOGE is currently facing a critical turning point. $0.1445 is a key support level that must be closely monitored; if it falls below this level, it may lead to a failure of bullish expectations. Conversely, if it can break through the neckline at $0.2596, it will open up space for further upward movement.

This message is not intended as investment advice; investors should be aware of market fluctuation risks.