As of July 15, Dogecoin (DOGE) is experiencing some selling pressure in the market as it has fallen -7.49% with a total trading volume of $2.45 billion. This is seemingly correlated with an uptick in interest towards the newly launched meme coin PUMP, which is attracting traders’ attention and perhaps diverting funds away from coins like DOGE.
Looking at the technicals, it does look like a bullish reversal is still on the table. For the past eight months, DOGE has been forming a double-bottom pattern which started in December of 2024. This classic bullish pattern is nearing confirmation.
The important factor here is DOGE breaking the neckline resistance of 0.259. At the moment price is slightly below this level by 30% and should it break past that, a rally towards $0.47 is possible to reach which would be a 130% increase from current prices.
Still, the result hinges on continued buying pressure. A failure to surpass the \$0.259 mark will indicate weakness, potentially crippling the bullish case. Moreover, the Relative Strength Index (RSI) suggests another obstacle at \$0.19.
DOGE needs to close above this price and have RSI exceed 50 to sustain bullish momentum. If this condition isn’t met, the price might remain constrained below resistance, either stagnating or declining.
In the meantime, the PUMP token has been gaining attention after its recent exchange listings. Although it’s down 12% in the last 24 hours, trader sentiment remains optimistic given its association with the Pump.fun meme coin ecosystem.
On-chain analysis from Lookonchain shows that a whale address purchased \$2 million in PUMP, with \$20 million in long positions opened on Hyperliquid. This spike in speculative trading could be temporarily diverting liquidity and attention from Dogecoin.
Although retail attention has shifted, whale activity on DOGE remains optimistic. Data from Santiment reveals that large holders—those with 10 million to 100 million DOGE—have added 140 million tokens over the course of a week. This type of quiet accumulation suggests that there is still confidence among institutions or long-term holders in Dogecoin’s potential upside.
To sum up, even though the focus of traders is currently diverted to PUMP tokens, with Dogecoin being the center of attention, doing the technical appraisal still suggests a favourable breakout on the condition that DOGE manages overcoming key resistance zones.
A confirmed breakout above $0.259 could see values reach $0.47, representing an increase of 130%. Still, there is a possibility of additional downside if buy pressure begins waning.
