Dogecoin Wallet Count Explodes – Is $0.19 Within Reach?
Jakarta, Pintu News – Dogecoin has experienced a sharp rebound from the lower boundary of its multi-month trading channel, triggering bullish sentiment to return.
This technical bounce coincided with a 15.78% jump in Open Interest to $2.09 billion as well as a 402% increase in Options volume-signaling that traders are aggressively positioning themselves for further upside potential.
This move indicates increased speculative interest, most likely eyeing the middle resistance at $0.19, with the possibility of continuing to $0.26 if momentum remains strong.
Strong Enough to Break Resistance?
DOGE price has surged from the $0.13-$0.15 demand zone, with bullish pressure intensifying. The stochastic RSI has surpassed the 80 level, indicating a potential continuation of the uptrend.
Read also: Dogecoin Sees Modest Uptick Today — But Analysts Say a 200% Surge Could Be Just Around the Corner!
However, the descending resistance line around $0.19 is still the upper limit holding the price movement. A daily candle close above this trend line could be a breakout signal, which could trigger further bullish momentum.
Until then, DOGE is still under technical pressure between historical support and dynamic resistance.
Therefore, the bulls will have to maintain buying pressure in order to challenge this upper limit and keep the short-term momentum towards $0.26.
Whale Activity Returns as Spot Flows Turn Positive
After weeks of persistent outflows, Dogecoin recorded a net inflow of $8.23 million at the time of writing, signaling a return of confidence from the whales.
This influx of funds marks a significant change in on-chain behavior, indicating that large holders are returning to accumulation.
Historically, this kind of inflow often coincides with bullish trend reversals or medium-term rallies. Therefore, this positive netflow supports DOGE’s latest technical bounce and could strengthen the move towards $0.19.
However, if inflows weaken again, the price strength may only be temporary. For now, on-chain whale activity reflects the improving sentiment.
Dogecoin could Unlock Further Upside Potential with…
Dogecoin’s MVRV Z-score has recovered to the level of 0.355 after previously dropping to near historical lows in late June.
This metric, which measures the holder’s profitability compared to market value, shows that DOGE is starting to recover from its undervaluation.
Read also: Shiba Inu (SHIB) Price Explodes Again – May High Target Ready to Be Broken?
Although this Z-score is still below the bullish threshold, the ongoing rise indicates that downside risks are starting to diminish. This change could encourage market participants who were previously waiting on the sidelines to jump back in, putting additional buying pressure on the price.
However, MVRV remains a lagging indicator, and prices need to break through key resistance levels to confirm the positive sentiment. Even so, this Z-score improvement gives additional weight to DOGE’s bullish outlook.
Why is Network Activity Weakening Again?
Despite the recent price increase, Dogecoin’s on-chain activity has experienced a sharp slowdown.
The number of daily active addresses dropped to 33.7K, while the number of transactions shrank to 14.8K as of July 3.
This is a sharp decline from the surge on June 22, when both metrics surpassed 500k. This contraction in usage indicates reduced interest from retail investors, potentially weakening the momentum of the current rally.
However, DOGE prices have historically tended to precede network activity, not the other way around.
Therefore, if the current bullish impulse continues, the network engagement is likely to be only delayed and could increase again in the near future.
Will DOGE Reach $0.19 and Have a Breakout?
The combination of strong support, increased involvement in the derivatives market, and returning whale inflows created favorable conditions for Dogecoin’s continued upward movement.
However, success still depends on whether the bulls are able to push the price through the descending resistance line around $0.19. Although MVRV’ s Z-score and netflows show improvement in sentiment, low network activity is holding back overly high expectations.
If DOGE manages to break the resistance with strong volume, the path towards $0.26 will be open. Until then, momentum remains uncertain, and the bulls will have to remain active to sustain this rally.
That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.
Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Also, experience web trading with advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro. Pintu Pro Futures is also available, where you can buy bitcoin leverage, trade btc futures, eth futures and sol futures easily from your desktop!
*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- AMB Crypto. Dogecoin activity on the rise: Will it help DOGE hold $0.19 resistance? Accessed on July 4, 2025
