Dogecoin up 23%, meme coin hype returning?

Dogecoin (DOGE) has recently experienced a lot of ups and downs. For more than a week, its price struggled to surpass the $0.063 resistance level, which left investors unsure about its future.

However, there is some hope as DOGE has managed to rebound from the support trendline of a channel pattern, causing renewed interest and increasing accumulation pressure among investors.

With the broader market sentiment showing signs of improvement, does Dogecoin’s breakthrough indicate the start of a new bullish trend?

A Surge in Dogecoin’s Price Indicates a Breakthrough

The current trading price of DOGE on CoinGecko is $0.00000812, showing a decent 9.5% surge in the past 24 hours. Additionally, over the previous seven days, DOGE has seen an impressive gain of 23.1%.

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Source: Coingecko

This price surge indicates a significant breakthrough for buyers as they successfully breach the nearest significant resistance level of $0.063.

This breakout not only marks a pivotal turning point but also serves as the first positive signal of recovery for Dogecoin. With sustained buying pressure, there is potential for the price to reach the $0.095 mark.

While the ideal target for this pattern remains at $0.095, buyers may encounter resistance levels on their upward journey.

The first hurdle they may face is at $0.075, followed by another resistance level at $0.083. These points will require sustained buying momentum to overcome.

DOGE price movement in the last seven days. Source: CoinMarketCap

Remarkable Capital Influx into the Crypto Market

Overall, the global financial landscape is currently undergoing a significant transformation, characterized by the entry of prominent institutional investors into the world of cryptocurrencies.

This shift is exemplified by BlackRock, the world’s largest asset manager, which has made a significant stride 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 notable developments have caught the attention of keen observers. Deutsche Bank, a prominent financial institution, has recently applied for a crypto custody license, indicating their intention to engage with digital assets.

WisdomTree, a respected asset manager, has also entered the scene with its own filing for a Bitcoin ETF, further demonstrating the industry’s evolving landscape.

These recent advancements have not only attracted attention but have resulted in a significant influx of capital into the crypto market. Within just one week, specifically as of June 22, an impressive $177 billion has flowed into the crypto market, according to TradingView data.

This significant surge in capital indicates the increasing confidence and interest of institutional investors in cryptocurrencies as they recognize the potential for substantial returns and diversification opportunities.

Featured image from Mid-Day