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DOGE Hits Resistance on Bull Flag Breakout, But ‘Cup and Handle’ Points to Higher Moves

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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.)

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Sequans Communications Kicks Off Bitcoin Treasury with 370 BTC Purchase

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Sequans Communications (SQNS), a leading cellular semiconductor maker, has announced its acquisition of 370 bitcoin BTC as part of a newly launched bitcoin treasury strategy.

The purchase was funded by proceeds from its recent equity and convertible debenture offering that closed on July 7.

“We are excited to begin executing our strategic plan to accumulate over 3,000 BTC in the coming weeks,” said Georges Karam, CEO of Sequans. “This initiative reflects our confidence in bitcoin as a long-term store of value for our shareholders.”

Sequans has chosen Coinbase as custodian, utilizing Coinbase Prime’s institutional-grade services.

Sequans Communications shares are up 2% in pre-market trading following the announcement of its bitcoin treasury strategy.

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Polkadot’s DOT Gains as Much as 5% as Bitcoin Nears All-Time Highs

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Polkadot’s DOT (DOT) surged as much as 5% in the last 24-hours, climbing from $3.52 to $3.70 as bulls dominated the session, according to CoinDesk Research’s technical analysis model.

The model showed that a key breakout occurred at 19:00 on July 9, with DOT spiking to $3.63 on heavy volume of 4.21 million.

The rally in Polkadot came as the wider crypto market also rose, with the broader market gauge, the CoinDesk 20, recently up 3.5%.

Bitcoin, the world’s largest cryptocurrency, was approaching all-time highs at $112,000.

In recent trading, DOT was 3.5% higher over 24 hours, trading around $3.67.

Technical Analysis:

  • Robust volume-based support established around $3.54 during the 18:00-21:00 surge on 9 July.
  • Key resistance levels identified at $3.69-$3.70 where price encountered dual reversals during the session.
  • Conventional support formed at $3.49 during the 14:00 session decline on 9 July.
  • Critical support established around $3.68 levels during the 60-minute bearish pressure period.
  • Momentum indicators signal oversold conditions suggesting potential consolidation.
  • Elevated trading volumes exceeded 4.2 million during the principal rally phase.
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BIT Mining Surges 250% on Solana Pivot

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Cryptocurrency miner BIT Mining (BTCM) is shifting its focus to Solana with plans to raise up to $300 million to acquire SOL tokens.

BIT Mining said it wants to «capture emerging opportunities across the broader blockchain» industry and attract investors seeking exposure to Solana in an announcement on Thursday.

The company’s New York Stock Exchange-listed shares soared as high as $11.20 in pre-market trading, over 350% compared to Wendesday’s closing price of $2.46, following the announcement.

At press time, BTCM was trading nearly 250% higher at $8.38.

Akron-Ohio-based BIT Mining will convert its existing crypto holdings into SOL and plans to raise $200 million-$300 million to accumulate more.

The company holds 19 BTC ($2.1 million), according to Bitcoin Treasuries.

Bitcoin miners have been seeking means of diversifying their revenue streams since the last quadrennial halving event in April 2024, which saw the reward for adding new blocks to the Bitcoin network reduced by 50%.

BIT Mining said in December that its profits from mining litecoin (LTC) and dogecoin (DOGE) were triple that which it had acquired from BTC.

Fellow mining firm Bit Digital has shifted its entire treasury to ETH as part of a plan to focus solely on ether staking.

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