Dogecoin (DOGE) is currently trading at $0.23, having risen 19% over the past six days. The green box on the daily chart shows a breakout from a descending triangle pattern, with market momentum bullish. The price is above the 200-day moving average ($0.221, shown by the red line) and slightly above the golden cross signal point of the 50-day and 200-day moving averages.
Historical data indicates that when the daily closing price breaks above the 200-day moving average, it usually signals a long-term bull market cycle. The current price has risen to $0.221, with bulls possibly targeting the psychological resistance level of $0.30. Trading volume has surged to $10 billion over the past six days, forming higher lows, further supporting the bullish forecast.
Singapore-based mining company Bit Origin Ltd (NASDAQ: BTOG) has raised $500 million ($400 million in Class A common stock + $100 million in convertible bonds) for its Dogecoin reserve, supporting long-term network activity and Layer-1 memecoin reserve hedging, completed with the $15 million debt financing, which may drive recent price increases.
Bit Origin's Dogecoin treasury plan:
Bit Origin has completed $15 million in initial convertible debt financing, intended for the initial purchase of Dogecoin.
The company emphasizes Dogecoin's fast settlement speed and community size, believing it has potential in peer-to-peer payments and online commerce, especially with possible integration with payment platforms like X Money.
This strategy aims to create long-term value for shareholders by increasing the per-share Dogecoin holdings while exploring business opportunities in the Dogecoin ecosystem such as mining services and payment applications.
If the price falls below $0.22, it may weaken the upward momentum, with key support at $0.179 (the bottom of the green rebound zone).
If the daily closing price falls below $0.18, it will negate the bullish pattern or retest the June low of $0.155. Technically, DOGE remains bullish, with prices above the 50-day and 200-day moving averages, and a golden cross pattern has emerged. Attention should be paid to the sustained increase in trading volume above $0.221 to confirm further upside potential to $0.30.
