Dogecoin (DOGE) has recently experienced a rollercoaster ride. For more than a week, its price has struggled to break through the $0.063 resistance level, leaving investors uncertain about its future.
However, there is a glimmer of hope because DOGE was able to rebound from the support trendline in a channel pattern, which sparked renewed interest and increased pressure on the accumulation of investors.
With broader market sentiment showing signs of improvement, does Dogecoin’s rise mark the start of a new bullish trend?
Dogecoin Price Surge Shows Progress
The current trading price of DOGE on CoinGecko is $0.00000812, which shows a decent 9.5% increase over the last 24 hours. Moreover, in the span of the last seven days, DOGE has witnessed an impressive gain of 23.1%.
it price increase shows a significant success for the buyers as they have successfully breached the nearest significant resistance level at $0.063.
This breakout not only marks a significant reversal but also serves as the first positive recovery signal for Dogecoin. With continued buying pressure, there is a potential for the price to reach the $0.095 mark.
While the ideal target for this pattern remains at $0.095, buyers may encounter between resistance levels on their upward journey.
The first barrier they may face is at $0.075, followed by another resistance level at $0.083. These points require sustained buying momentum to overcome.
DOGE price movement in the last seven days. Source: CoinMarketCap
Amazing Capital Flow In The Crypto Market
In general, the global financial landscape is currently experiencing a significant change, characterized by the entry of prominent institutional investors into the realm of cryptocurrencies.
This paradigm shift indicated by BlackRockthe world’s largest asset manager, has taken a major step forward by formally submitting an application for a Bitcoin exchange-traded fund (ETF).
DOGE market cap currently at $9.4 billion. Chart: TradingView.com
In addition to BlackRock’s efforts, other important developments have caught the attention of seasoned market observers. Deutsche Bank, a well-known financial institution, recently filed for a crypto custody license, announcing its intention to deal with digital assets.
WisdomTree, a respected asset manager, has also entered the scene with its own filing for a Bitcoin ETF, further reflecting the evolving landscape of the industry.
These recent developments have not only attracted attention but translated into a massive influx of capital into the crypto market. In just one week, specifically on June 22, an impressive $177 billion poured into the crypto market, according to TradingView data.
This significant influx of capital reflects the growing confidence and interest of institutional investors in cryptocurrencies as they recognize the potential for large returns and diversification opportunities.
Featured image from Mid-Day