Dogecoin (DOGE) surged 6% during the July 9-10 trading session, climbing from $0.170 to $0.186 amid improved market sentiment. The breakout occurred between 19:00-20:00 UTC on July 9, with volume spiking to 1.52 billion tokens – nearly double the 24-hour average – before facing strong resistance at the $0.186 level where repeated high-volume rejections occurred.
Technical analysts highlight two bullish patterns: a confirmed falling wedge breakout on the 4-hour chart and an ascending channel formation signaling upward momentum. These align with a potential multi-year cup-and-handle pattern, which would validate upon a decisive breakout above $0.195 with heavy volume.
Macro catalysts include the U.S. extending its tariff deadline by three weeks and growing expectations of Federal Reserve rate cuts (25-100 basis points projected for Q3), easing pressure on risk assets. Short-term projections target $0.19 if DOGE retests the ascending channel's upper boundary, while long-term analysis suggests potential for a rally to $1 based on historical parallels to its 2016 cycle. Support currently holds near $0.180-$0.181, though RSI and OBV readings indicate short-term exhaustion.