Dogecoin prices are once again attracting market attention. Analysts are spotting bullish patterns on charts, supported by growing institutional interest.
Current Dogecoin Price and Bullish Trends
Today, the price of Dogecoin hovers around $0.2379 with a 24-hour trading volume of $2.29 billion and a market capitalization of $35.71 billion.
After dipping from $0.28 to $0.22 on July 21 due to profit-taking, charts have shown a necessary rebound.
Analysts note that this bounce resulted in a breakout from a descending trendline on the hourly chart.
Price Forecast: Testing the Double Bottom Level
In the broader Dogecoin price forecast, another bullish formation is catching attention. On the daily chart, DOGE is testing the neckline of a tilted double bottom pattern, a classic bullish reversal setup.
If this neckline breaks convincingly, it could open a path toward the $0.52 level, marking a significant upside from current levels.
Institutional Interest in Dogecoin and Its Impact
Beyond technical analysis, growing optimism around Dogecoin prices is also being fueled by institutional developments. Major asset managers, including Grayscale, Bitwise, and 21Shares, have reportedly filed for Dogecoin ETFs.
Bloomberg analysts assign a 90% chance of approval for such applications, underscoring DOGE’s credibility within the memecoin space.
Amid growing institutional interest and technical indicators, Dogecoin has the potential for further growth. Analysts continue to monitor the situation, anticipating possible new highs.
