Dogecoin (DOGE) has been continuing its recent rebound trend. According to the overseas crypto media outlet Coingape, DOGE traded around $0.077 on the 7th (local time), maintaining a narrow price band throughout the weekend. This continues an upward trend of more than 5% over the past week. During this period, the total cryptocurrency market capitalization also increased by 1.04% over 24 hours to reach $2.19 trillion, indicating improved market sentiment, Coingape reported.

Trump's Remarks Drive Market Sentiment

U.S. President Donald Trump's remarks underpin the reversal in market sentiment. According to Coingape, when asked at a press conference whether Bitcoin could be included in 'Trump Accounts,' President Trump responded, "I'm now a big fan of crypto." He added, "Crypto is very powerful and has a very large industry scale," and "Bitcoin is used by many people, but its full potential has not yet been realized." Coingape analyzed that such remarks served as a catalyst to lift market sentiment, which had been sluggish early in the week.

Earlier, Bitcoin had fallen more than 2% after Strategy disclosed in a new regulatory filing that it had disposed of approximately 216 million BTC. News of selling by a large corporate holder contracted investor sentiment. However, with sentiment recovering following Trump's remarks, Bitcoin recorded $63,716, up 1.66% over 24 hours, while Ethereum, XRP, and Solana also rose slightly in tandem.

Dogecoin Maintains Buying Pressure... Whale Holdings Increase

This atmosphere has also had a positive effect on Dogecoin. According to Coingape, DOGE traded around $0.077 as buying pressure defended the rebound zone. Derivatives trading volume reached $1.26 billion, up 31%. Meanwhile, open interest stood at $1.04 billion, down 0.32%, indicating that inflows of new leverage were limited.

On-chain metrics are also positive. Holdings of large wallets holding more than 1 billion DOGE increased to 73.85 billion DOGE. However, the number of transactions by whale investors decreased to 12 on Sunday (local time), showing somewhat slowed activity. The supply in profit increased to 38.51, and the number of active addresses approached 50,000, signaling a network recovery following the bearish trend, Coingape reported.

Technical Outlook: Holding Support Level Is Key

On the 4-hour chart, the Dogecoin price stood at $0.07648, up 0.30% in recent trading. Buying pressure is defending the $0.075 support level, and if this level breaks, the next support could be $0.070, Coingape reported. The Relative Strength Index (RSI) showed a neutral trend at 51.52, and the Chaikin Money Flow (CMF) was analyzed at 0.08, indicating continued capital inflow.

Coingape projected that if the current support level is maintained, recovery attempts are likely to continue. The first resistance zone is $0.08, and if breached, $0.085 could be the target. If a strong breakout continues, it added, $0.09 could also be within reach, based on the improved investor sentiment driven by Trump's remarks.

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