Dogecoin DOGE/USD is trading at $0.2284, up 1.78% over the past 24 hours, with the daily high touching $0.229, and the low hitting $0.2201. Over the past week, DOGE has jumped 3.68%, riding a wave of optimism. Dogecoin surge has stalled as traders eye inflation data and X Money, while mining platforms fuel adoption.
DOGE dipped by 2.5% in the first half of Tuesday as traders now move to lock in profits ahead of Friday's US Core PCE Inflation Data.
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Elon Musk's latest announcement has rekindled optimism in the community. He confirmed through a post on X, formerly Twitter, that the platform's long-awaited payments service, X Money, is entering beta soon. The initial rollout will be available to a small group of users before a wider release.
He emphasized that, given the involvement of users' savings, the rollout will be handled with great caution. While Dogecoin wasn't mentioned, Musk's history of supporting the token has renewed speculation.
Pi Network PI/USD, which sells plug-and-play mining devices, claims users are now earning over $36,900 daily through their XY miners, now configured to mine DOGE.
BCC Mining, a platform based in the UK, launched a mobile app that offers free cloud mining for cryptocurrencies like Dogecoin. By lowering the barriers to entry, the app encourages wider participation while highlighting the long-term potential of coins such as Dogecoin, Ripple XRP/USD, and more.
Dogecoin co-founder, Billy Markus, known as Shibetoshi Nakamoto on X, laughed off Bitcoin's $250,000 price forecast, poking fun at the market hype. He mocked the trend of sensational headlines highlighting how often unknown individuals make bold claims about Bitcoin hitting $250,000 within the year.
Dogecoin is consolidating near a critical resistance zone around $0.24 and $0.25. Through May 2025, DOGE has traded within a tight range of $0.21 and $0.26. It recently tested the $0.25 level, which has acted both as support and resistance over the past 6 months. The zone has seen multiple rejections in the past, but current price action indicates a potential breakout.
Dogecoin has remained confined between $0.21 and $0.25, a range framed by the 200-day exponential moving average. The technical outlook is bullish, as the price is showing signs of breaking out of a descending triangle pattern that formed since the rally to $0.26 earlier this month.
Network activity supports the optimism, with new addresses up 102%, active addresses rising 111%, and zero-balance addresses increasing 155%.
Analyst Jake Wujastyk has identified a strong trading opportunity targeting $0.45, roughly a 100% gain from the recent lows.
According to TradingView, Dogecoin's consolidation within 4 to 5 cents is well defined. Should the 200-day EMA fail to hold, the next key support is the psychological level of $0.20. A drop below $0.14 would indicate a strong bearish shift.
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