- Dogecoin builds higher consolidations with a $0.48 breakout target after repeated resistance tests.
- Trading volume surged 83.4% while futures volume rose 114.5%, showing strong market speculation.
- Whale accumulation lowered exchange reserves, signaling reduced selling pressure and stronger support.
Dogecoin has entered a higher consolidation zone and is getting ready to break the resistance. The price has shown steady development with repeated consolidations forming at progressively higher levels. Traders are watching the resistance levels closely, as the market continues to build support. At the time of writing, Dogecoin was trading at $0.2395.
Dogecoin Builds Strength with Higher Consolidations
The chart data shows Dogecoin trading with consolidations recorded near $0.15, $0.20, and most recently around $0.26. According to analysis prepared by Trader Tardigrade, these consolidations reflect a strengthening structure that has kept the market positioned for further moves.
A resistance line has been tested multiple times, with rejection points creating retracements. However, each retracement led to a rebound at higher consolidation zones. This has confirmed that Dogecoin is maintaining upward momentum despite corrections. The resistance line remains the key barrier, and its breakout could lead to a price target near $0.48.
According to Krisspax, the chart displayed Dogecoin trading at $0.241 after dropping from a peak near $0.31. Market structure showed repeated swing highs between $0.27 and $0.31 with support marked near $0.20. An ascending trendline from April has maintained higher lows with support at $0.23 and $0.18.
Trading Volume, Derivatives, and On-Chain Activity
Dogecoin recorded $2.94 billion in trading volume over the last 24 hours, an increase of 83.4% from the previous day. Coinglass data showed open interest declining 8.5% to $4.78 billion while futures volume increased 114.5% to $7.43 billion.
This shift confirmed short-term speculation and profit-taking activity in the derivatives market. According to CryptoQuant analyst Burak Kesmeci, retail sentiment remains muted as the Futures Retail Activity metric stays neutral. This indicated institutional investors continued to back the rally.
On-chain data recorded whale accumulation, further reducing exchange reserves and lowering immediate selling pressure. The broader structure shows Dogecoin positioned within higher consolidation zones, sustaining a build-up of support, and preparing to break the resistance line.
