Dogecoin, the biggest meme coin by market capitalization, is facing key resistance on the daily chart amid heightened investor interest.
Dogecoin Key Resistance
According to CoinMarketCap, DOGE was trading at $0.323, down 1.24% in the past 24 hours. It touched a high of $0.35 before dropping to its current level. The goal is to retest the key resistance level at $0.3. The daily chart shows bearish pressure continues to drive the price down, but trading volumes indicate increased support from traders, potentially leading to short-term recovery. In the last 24 hours, 5,459,592,843 DOGE were traded, resulting in a volume increase of 45%, reaching $1.8 billion.
Surging DOGE Institutional Interest
Expectations for a DOGE ETF approval are on the rise in the crypto market. Polymarket predicts a 56% chance of a DOGE ETF launch by 2025. Asset managers like Bitwise and REX Shares have recently applied for a DOGE ETF. Additionally, Grayscale Investments launched its first Dogecoin Trust, providing investors with a direct way to access DOGE. Thus, the price of DOGE may increase due to the ongoing institutional interest.
Dogecoin remains a focal point for both investors and institutional players. The key factor will be the successful overcoming of its resistance level, which could indicate further growth prospects.
