Dogecoin (CRYPTO: DOGE) is up over 7% to near $0.2445 on Wednesday as it broke above a key resistance zone, with spot flows recording the largest net inflows in weeks.
Dogecoin Breaks Key Barrier As Bulls Regain Control
DOGE Short-Term Outlook (Source: TradingView)
Dogecoin cleared the $0.2390 barrier that capped price action through late September, turning the level into fresh support.
On the intraday chart, the Supertrend flipped positive and the RSI entered overbought territory near 70, reflecting strong buying pressure.
Traders note that a retest of the $0.2390–$0.2400 zone could provide a base for further gains, while failure there would expose downside risk to $0.2325.
Daily Chart Holds Bullish Alignment
DOGE Price Analysis (Source: TradingView)
On the broader daily timeframe, DOGE remains inside its rising channel from June.
The token trades above the 20-day EMA at $0.2432, which has crossed back above the 50-day EMA, reinforcing a constructive setup.
Channel support near $0.2220 remains the key floor to defend.
Fibonacci retracements mark upside levels at $0.2647 and $0.3067, with a more extended target near $0.3486.
$30M Net Inflows Signal Dogecoin's Next Big Move
DOGE Derivative Analysis (Source: Coinglass)
Derivatives positioning has strengthened, with futures open interest climbing back toward $3.9 billion and trading volumes rising 17%.
Options activity jumped more than 30%, underscoring fresh speculative positioning.
DOGE Netflows (Source: Coinglass)
Spot flows added conviction: October 1 data showed a $30 million net inflow, the first meaningful positive flow after weeks of persistent outflows.
Historically, inflows of this scale often precede short-term rallies as capital rotates back into the market.
Why Elon Musk Keeps Dogecoin In The Spotlight
Dogecoin's breakout is unfolding as inflows rise back into the market after weeks of outflows.
The scale of fresh capital points to renewed trader confidence, often a precursor to sharper moves.
On-chain signals and derivatives positioning both confirm that liquidity is rotating toward DOGE.
This comes as Elon Musk continues to keep the token in the spotlight, reinforcing its cultural edge. Unlike most altcoins, Dogecoin carries both speculative energy and mainstream recognition.
That rare mix makes its rallies capable of moving faster and further than the charts alone suggest.
Read Next:
Image: Shutterstock
