Dogecoin posted a powerful 6% surge during the July 9–10 trading session, blasting through resistance in an explosive rally before retreating into a sharp late-session reversal.

News Background: Trade Pause and Rate Bets Fuel Risk Rally

• Market sentiment improved after the U.S. extended its “Liberation Day” tariff deadline by three weeks, buying time for trade negotiations and easing short-term pressure on risk assets.
• Meanwhile, expectations of a July Fed rate cut are climbing, with major banks pricing in 25–100bps in cuts over Q3 if inflation data underwhelms next week.
• These macro shifts gave crypto markets a tailwind, helping DOGE and other high-beta assets bounce sharply off key support levels.

Price Action Summary

• DOGE surged 6% from $0.170 to $0.186 between July 9 03:00 and July 10 02:00.
• Breakout occurred between 19:00–20:00 July 9, where price jumped $0.007 and volume spiked to 1.52B — nearly double the 24H average.
• Strong resistance emerged at $0.186 as price was repeatedly rejected on heavy volume.
• Support held around $0.180–$0.181 going into session close.
• In the final hour (02:28–03:27), DOGE fell 0.55% from $0.181 to $0.180, forming a sharp reversal pattern with rising downside momentum.

Technical Analysis

• Range: $0.016 or 9.23% between $0.170 low and $0.186 high.
• Resistance: $0.186 peak, with repeated high-volume rejection during 21:00–23:00.
• Support: $0.180–$0.181 zone held into close, but fractured during final hour selloff.
• Breakdown: 02:28–03:27 session saw support levels at $0.1808, $0.1806, and $0.1803 break consecutively under heavy sell volume — signaling institutional distribution.
• Volume: 1.52B on breakout, 4.9M during final reversal, confirming both bull entry and bear exit.

What Traders Are Watching

• Can DOGE reclaim $0.186 and flip resistance into support? Watch for sustained volume above this level.
• If downside continues, $0.176 and $0.172 are next potential support levels from prior consolidation zones.
• RSI and OBV readings on lower timeframes suggest short-term exhaustion, but macro sentiment remains net bullish.
• July 9–10’s range could form the “handle” in a larger weekly cup-and-handle pattern — validation would require a breakout above $0.195 with high volume.

Takeaway

DOGE appears to be coiling for a breakout. Several bullish technical patterns—including a multi-year cup‑and‑handle, higher‑low base, and triple bottom—align with a surge in institutional whale accumulation.

A decisive move above the $0.175–$0.20 resistance zone, especially with spike in volume, could trigger a powerful rally toward $0.25 and beyond.

(Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)

Crypto prices extended their rally on Thursday, with Ether and Dogecoin leading the charge, as a combination of supportive risk sentiment and growing political momentum around digital asset legislation helped push markets higher.

Bitcoin hovered near its all-time high at $112,000, while Ether surged past $2,780, up nearly 7% over 24 hours. Dogecoin jumped 6%, with broader majors like Solana and XRP also gaining.

The CoinDesk 20, a liquid index tracking the largest tokens by market capitalization, minus stablecoins, rose over 2%.

Onchain analysis firm Santiment noted that retail trader-based wallets were seemingly absent from the current move, which, historically, sets the stage for sharp upside moves.

“History has shown that this is a prime sign of a potential breakout, as crypto markets typically move the opposite direction of the crowd’s expectations,” the firm said in an X post. “When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.”

The moves came as U.S. equity markets digested another round of tariff threats from President Donald Trump, including a 50% levy on copper imports and higher duties on Brazilian goods that sent stocks in the country tumbling.

However, U.S. equity-index futures dipped just 0.1% and global tech stocks continued to rally, with Nvidia briefly touching a $4 trillion market cap. Treasury yields softened as bond markets received a bid, suggesting that investors remain positioned for a supportive policy environment, even amid rising geopolitical noise.

«Crypto prices surged to new all-time highs on the back of a supportive risk and equity backdrop,” said Augustine Fan, Head of Insights at SignalPlus.

“BTC climbed above $112K after the U.S. House Committee announced next week as ‘Crypto Week,’ with a July 16 hearing titled Making America the Crypto Capital of the World. Traders are expecting concrete signals after months of posturing,” Fan added.

Fan noted that the market is still operating under a six-month soft target for regulatory recommendations set by President Trump in January. Next week’s hearing could offer clarity, or at least momentum, for a long-awaited federal framework.

A sharp rally in crypto majors over the past 12 hours triggered the largest wave of liquidations since May, wiping out more than $460 million in short positions.

Bitcoin (BTC) surged past $111,000, ether (ETH) jumped nearly 7% to above $2,700, and Solana’s SOL climbed above $158, catching traders betting against the move completely offside.

More than 114,000 traders were liquidated, with combined losses topping $527 million, according to data from Coinglass. Of that, $463 million came from short positions — or leveraged bets that the market would go lower — while only $64 million came from longs. The single largest liquidation was a $51.5 million short on HTX’s BTC-USDT pair.

Liquidations occur when traders using leverage, or borrowing funds to amplify their positions, are unable to meet margin requirements as prices move against them. Exchanges forcibly close these positions to prevent further losses, often adding fuel to the move itself.

In this case, as BTC and ETH pushed higher, waves of short liquidations may have created sudden price acceleration, forcing more traders to exit in a cascade.

This reflexive dynamic makes liquidation data a useful trading signal. Sharp spikes in liquidations, especially from one side of the book, often indicate local tops or bottoms, depending on direction and timing.

Some traders even position around it, betting on short squeezes or long flush-outs when the numbers start to skew. When combined with volume and price action, liquidation events often confirm the strength of a trend or signal its exhaustion.

While Bitcoin remains up just 2% on the week, ETH and XRP are now both up more than 7%, suggesting the rally is being led by majors outside of BTC.