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Dogecoin (DOGE) Price: Surges 5% as Scottie Pippen Names Token in Celebrity Watch List
The cryptocurrency market has been abuzz with the recent surge in Dogecoin’s price. The token, DOGE, experienced a significant 5% increase in value over the past 24 hours, reaching a new high of $0.171. This upward momentum occurred as former NBA star Scottie Pippen listed the coin in his cryptocurrency watch list.
Dogecoin’s remarkable performance is attributed to a massive trading volume and buying pressure from investors. A sharp 5% jump occurred between 12:00 UTC and 13:00 UTC on July 6, with an astonishing 1.14 billion tokens changing hands within this hour-long window. This level of activity is nearly six times the daily average, indicating a strong accumulation pattern.
It appears that larger investor entities are taking positions in DOGE, as blockchain data reveals addresses holding between 1 million and 100 million coins have been steadily increasing their holdings since June 28. These whale investors typically operate on longer-term outlooks rather than short-term trading.
The price action suggests that institutional interest is growing, which could be a precursor to more significant price movements in the near future. The token has demonstrated its potential for strong returns by surging 5% and breaking above critical resistance levels. This move comes at a time of increased market uncertainty surrounding US tariffs and Elon Musk’s involvement with DOGE.
The $0.166 support level remains crucial for maintaining the current uptrend, as it has served as a solid foundation for buying pressure in the past. Any further rejections from this point may indicate the start of a retracement phase.
However, Dogecoin’s technical resistance levels are now set at $0.173 to $0.175, with analysts focusing on these zones. A successful break above this level could open the door for DOGE to reach $0.180 in the near future.
As traders continue to monitor the price action, it will be essential to keep an eye on the broader market sentiment and any adjustments to Scottie Pippen’s watch list, considering his significant influence as a celebrity endorser.
Source: coincentral.com
