- Dogecoin’s price movement is testing the $0.17 demand zone, a level known for triggering either a rally or rejection.
- Technical indicators suggest bullish momentum, but confirmation requires a close above $0.224, the previous trading peak.
- ETF approval odds have declined, weakening institutional support and lowering long positions in Dogecoin markets.
Dogecoin is trading at $0.18 on July 10, recording a 5% gain in the last 24 hours. This increase comes as the cryptocurrency enters a key demand zone near $0.17, which has historically triggered buying pressure. However, current market dynamics show uncertainty, with resistance forming near this level.
Although the demand zone could attract new buyers, Dogecoin has encountered firm resistance around this price level. The resistance puts the current rally at risk of stalling. If buyers fail to gain control, DOGE may decline to $0.15 before any potential recovery.
Important Technical Indicators Point to Uptrend Prospects
In the daily chart, Dogecoin is moving sideways and stays in a parallel line rising channel, which usually indicates a stable upward trend. Moreover, the Relative Strength Index (RSI) is also at 51 and moving in an upward direction, thus indicating that the bullish momentum may be setting in. It is worth noting that, however, to confirm the bullish trend, the price will need to close above the level of $0.224, which is the Point of Control (PoC) or a significantly high concentration of trading activity in the past.
Meanwhile, the probability of a Dogecoin ETF being approved in the U.S. has decreased from 81 percent to 75%, according to Polymarket data. This shift follows comments from President Donald Trump, who excluded meme coins from his blue-chip crypto ETF initiative. The move has raised concerns about institutional support for Dogecoin in regulated financial markets.
Market Positioning Reflects Waning Confidence
Data from CoinGlass shows a drop in the long/short ratio for Dogecoin on Binance, now at its lowest level in a month. This indicates that traders are closing long positions, possibly due to reduced optimism about ETF approval and continued resistance near current prices.
With ETF approval odds declining and strong resistance at the $0.17 level, Dogecoin remains at a critical juncture. The coming days will likely determine whether buyer demand is strong enough to push DOGE toward $0.224 or if the price will drop toward consolidation near $0.15.
