Dogecoin (DOGE) has increased by more than 6% in the past 24 hours, surpassing the solid support zone of $0.2307–$0.227. This cryptocurrency has risen by 17.75% in the past week, despite a minor correction. According to data from CoinMarketCap, Doge is trading at $0.2365 at the time of writing.
If the price rally continues, the chart will signal a potential increase of 18.19%, targeting the $0.26 zone. Additionally, the rally is further driven by strong institutional interest, after whales accumulated 1 billion DOGE ($200 million) in recent sessions. The ownership ratio of large investors is nearing 50% of the supply.
This means that concentrated buying pressure reduces selling liquidity and reflects institutional confidence. Furthermore, the DOGE turnover rate shows that the market depth is large enough to sustain upward momentum in the short term.
According to a trader, the price of DOGE is currently heading towards the target zone of $0.28 within the bullish channel structure. "Breaking through the $0.28 threshold could pave the way towards a higher resistance area of $0.38."
Potential Approval of Dogecoin ETF and Greater Adoption Potential
Institutional investors have bet on the approval likelihood of a Dogecoin ETF reaching nearly 80% at Polymarket. Additionally, the political and legal landscape has also changed significantly this year in a more open direction towards cryptocurrency.
In June, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the likelihood of approval for a spot Dogecoin ETF to 90%. They noted that altcoin ETFs, including DOGE and XRP, are more likely to be approved by the SEC by the end of 2025.
The increase in ETF speculation, along with whale activity and policy developments, suggests that price targets could be higher in the coming months.
Technical Momentum of $DOGE
Dogecoin has regained the 30-day simple moving average (SMA) with the relative strength index (RSI) in the neutral zone at 57. This means that the upward trend still has potential. The key resistance level is $0.263.
Bullish speculators are expecting the price to break above the $0.242–$0.245 range, which could open up a secondary rally towards the $0.25–$0.26 level. Holding the price above the support zone will maintain DOGE's bullish thesis, setting the trend for potential upward movement.