Dogecoin (DOGE) Gains Momentum as Trump Embraces Cryptocurrency, Eyes $0.12 Target

Key Takeaways

• DOGE maintains position around $0.077, defending crucial $0.075 support threshold
• Trump’s declaration as a “big crypto guy” and industry supporter energizes cryptocurrency markets
• Large wallet holders increased DOGE positions to 73.85 billion tokens, signaling confidence
• Network analyst Ali Charts identified approximately 50,000 active addresses on Dogecoin blockchain
• Technical analysis points to upside resistance levels at $0.081, $0.090, $0.10, and $0.12 following potential breakout confirmation

Dogecoin currently hovers around $0.077 after maintaining stability throughout the weekend trading session. The popular meme cryptocurrency recorded weekly gains exceeding 5%, positioning itself marginally above a critical support threshold that market participants continue monitoring.

The cryptocurrency sector demonstrated overall strength as aggregate market capitalization expanded by 1.04% to reach $2.19 trillion within a 24-hour period. Major digital assets including Bitcoin, Ethereum, XRP, and Solana registered modest upward movements.

Market analyst Ali Charts revealed on July 5 that network activity on Dogecoin’s blockchain surged to approximately 50,000 active addresses, commenting that “Something is brewing.” Such elevated address activity typically indicates heightened user participation and network engagement.

Large-scale investors controlling portfolios exceeding 1 billion DOGE expanded their collective holdings to 73.85 billion tokens. While whale-sized transactions declined to just 12 on Sunday, the overall accumulation trend suggests positive market positioning.

Derivatives market intelligence from Coinglass revealed DOGE trading volume surged 31% to $1.26 billion. Meanwhile, open interest experienced a marginal 0.32% decrease to $1.04 billion, indicating limited fresh leveraged positions entering the market.

Technical indicators present a balanced outlook, with the RSI positioned at 51.52, representing neutral momentum conditions. The Chaikin Money Flow indicator registers a positive 0.08, demonstrating consistent but modest capital inflows into Dogecoin.

Critical Price Levels Under Surveillance

Analyst Jesse Peralta’s technical assessment reveals DOGE trading within an extended ascending channel pattern, with current pricing near the channel’s lower boundary. The $0.075 to $0.076 range represents the primary support zone requiring defense.

Maintaining ground above $0.075 positions $0.081 as the immediate upside objective. Beyond that threshold, market observers identify $0.090, $0.10, and $0.12 as sequential recovery milestones. A breach below $0.075 would activate the next support zone spanning $0.070 to $0.068.

Market technician Celal Kucuker observed that DOGE successfully penetrated its extended downtrend line and currently undergoes retesting. Successful validation of this former resistance as emerging support could establish a pathway toward the $0.12 price target.

Presidential Endorsement Elevates Market Sentiment

Cryptocurrency commentator That Martini Guy responded on X: “Bitcoin is now impossible for politicians to ignore. That’s a very different world to the one we were living in just a few years ago.” The observation underscored how Trump’s evolving perspective mirrors broader political engagement with digital asset markets.

Bitcoin initially declined over 2% after Strategy disclosed disposing of approximately 216 million BTC. However, the leading cryptocurrency rebounded, climbing 1.66% to $63,716 in the wake of Trump’s supportive statements.

The monthly timeframe analysis from Ali Charts identifies a TD Sequential buy signal for DOGE near the $0.077 zone, which certain traders interpret as indicating price exhaustion following an extended weakness period.

DOGE presently trades at $0.07648, with the $0.075 level representing the critical threshold bulls must preserve to sustain upward momentum.

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