Dogecoin Price Holds $0.167 Support as DogeOS Raises $6.9 Million

• Buy volume exceeds sell pressure, hinting at bullish investor sentiment.
• DogeOS funding signals developer interest in expanding DOGE’s utility.

Dogecoin ($DOGE) is navigating a critical price range, with recent data showing a decline in value. The coin tests a pivotal support level that may influence its next price move. At press time, Dogecoin is priced at $0.1667, down 1.67% over the past 24 hours. 

Market analyst Ali Martinez noted that the cryptocurrency tests a key support level at $0.167. He added that this price point has historically been a critical threshold for price reversals. Martinez emphasized that holding this level could enable a rebound toward $0.175 and potentially higher to $0.183.

DOGE/USD 4hr Chart Source: Ali_Charts

Recent chart data shows DOGE hovering around $0.165. This level is seen as immediate support, while resistance lies closer to $0.18. The price recently surged late in 2024 before facing a pullback.

Analysts suggest that a failure to hold current levels could result in additional downward movement, with sentiment turning bearish.

Buying Volume Signals Potential Bullish Reversal

Dogecoin ($DOGE) is currently facing a crucial phase, with its price hovering around $0.165, as observed on recent charts. After a sharp rise in late 2024, Dogecoin saw significant volatility, peaking at around $0.18 before retracing. The cryptocurrency is now encountering resistance near this level, while its support remains around $0.165.

Dogecoin/Tether US 1 day Chart Source: TradingView

The Buy/Sell volume data reveals a stark contrast, with buying pressure substantially higher than selling. Over the past 30 days, the buying volume has far outpaced the selling volume, suggesting that there might be an underlying bullish sentiment despite the recent price drop.

DogeOS Raises $6.9M to Boost Development on Dogecoin

While price movements remain in focus, development within the Dogecoin ecosystem continues to grow. DogeOS, a new application layer for Dogecoin, recently closed a $6.9 million funding round led by Polychain Capital. The platform aims to add smart contract support and enable low-latency execution for dApps, expanding use cases for the network.

.https://x.com/CoinDesk/status/1919739192818401740

According to the developers, DogeOS will allow applications in areas such as gaming and artificial intelligence. Adding programmability to Dogecoin opens the door to broader decentralized finance (DeFi) services. Developer activity is increasing, reflected by growing GitHub contributions and the release of public development toolkits.

Institutional backing from Polychain Capital and BlueYard Capital reflects growing confidence in Dogecoin’s long-term potential. 

Analysts observe that these upgrades could enhance the network’s competitiveness in the broader crypto space. With DogeOS rolling out, Dogecoin is preparing for a new phase of application-driven engagement.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.