Dogecoin price surges 14% – meme coin hype in full swing again?

Dogecoin (DOGE) has experienced a rollercoaster ride lately. For more than a week, its price struggled to break the $0.063 resistance level, which made investors uncertain about its future.

However, there is a glimmer of hope as DOGE has managed to bounce off the support trendline of a channel pattern, sparking renewed interest among investors and increasing accumulation pressure.

With broad market sentiment showing signs of improvement, does Dogecoin’s breakout mark the start of a new bullish trend?

Dogecoin price jump signals a major breakout

current trading price of DOGE on CoinGecko $0.00000812, showing a decent growth of 9.5% within the last 24 hours. Additionally, in the last seven days period, DOGE has seen an impressive gain of 23.1%.

Source: Coingecko

This jump in price This signals a significant breakout for the buyers as they successfully broke the nearest key resistance level of $0.063.

This breakout not only marks a turning point but is also the first positive sign of recovery for Dogecoin. With sustained buying pressure, the price is likely to reach the $0.095 mark.

While the ideal target for this pattern is $0.095, buyers may face intermediate resistance levels on their upward journey.

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

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

Significant capital inflow into the crypto market

Overall, the global financial landscape is currently experiencing a significant change, which includes the entry of major institutional investors into the cryptocurrency space.

it’s a paradigm shift exemplified by blackrockThe largest asset manager worldwide has made a significant progress 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 astute market observers. Deutsche Bank, a major financial institution, recently applied for a crypto custody license, indicating its intention to engage with digital assets.

WisdomTree, a respected asset manager, has also entered the fray with its own filing for a bitcoin ETF, further demonstrating the evolving landscape of the industry.

These recent developments have not only attracted attention, but have translated into a substantial inflow of capital into the crypto market. Within a span of just one week, specifically as of June 22, an impressive $177 billion has been invested in the crypto market, according to tradingview data,

This significant jump in capital reflects the growing confidence and interest of institutional investors in cryptocurrencies as they recognize the potential for substantial returns and diversification opportunities.

featured image from mid-day