Great news for all memecoin enthusiasts, with a strong breakout from a long-term pattern and a $500 million capital influx from institutions, Dogecoin has unexpectedly returned to the spotlight, and the $1 mark may not be far off.

The Strong Breakout Signals a New Bull Run

After nearly 10 months in a symmetrical triangle pattern, Dogecoin has finally broken out, and the price action reflects that change.

DOGE surged 14% today, July 18, and is trading around $0.248. Over the past week, the price has risen 23%, marking the strongest weekly close in months. If the breakout matches the height of the triangle pattern, analysts believe DOGE could increase by 380%, bringing the price to the long-awaited $1 mark.

Momentum indicators are also supporting the bullish outlook. The RSI has risen above 50, indicating increasing buying pressure. Meanwhile, the AO indicator has turned green, suggesting that selling pressure is weakening, although it remains below zero.

Bit Origin Invests $500 Million in DOGE

Supporting this technical breakout is a major move from Bit Origin, a cryptocurrency company listed on Nasdaq. The company has secured funding to implement a $500 million Dogecoin fund strategy. Growing institutional interest is always a great sign!

A portion of the funds will be used to accumulate DOGE, while the remainder will support the growth of the Dogecoin ecosystem.

Today's price action also saw DOGE surpass the important resistance level of $0.23. If the current momentum holds, the next levels to watch are $0.28 and $0.30.

Rumors About DOGE ETF Add More Fuel

Another factor driving Dogecoin's price increase is the rising speculation about a spot DOGE ETF. According to Polymarket, the likelihood of ETF approval has skyrocketed to 80%, with the SEC's next decision expected in September 2025.

The ETF frenzy has played a significant role in previous price surges of Bitcoin and Ethereum. If DOGE receives similar approval, it could open the door to broader adoption and new capital influx.

Analysts Expect More Prospects Soon

Cryptocurrency analyst Kevin (@Kev_Capital_TA) also shared a DOGE chart on X, pointing out the breakout from a long-term downtrend. He writes:

“It's only a matter of time before #Dogecoin returns to the .28-.30 level and then even higher.”

He also emphasized multiple retests of the trendline over the past few months, which is a pattern often seen before strong price increases.

If Bitcoin remains strong, DOGE may be preparing for one of its biggest moves ever. We will continue to monitor.