Dogecoin (DOGE) is gaining traction again with strong technical signals pointing to a potential continuation of its recent rally.
Technical Signals Support a Bullish Outlook for DOGE
A MACD crossover on the daily chart has drawn analysts' attention. Coupled with increasing trading volumes, this indicates a renewed bullish momentum. Currently trading near $0.23, focus is shifting towards the $1 mark.
Rising Market Sentiment and Institutional Attention
DOGE has climbed nearly 27% in the past week and is outperforming most top assets except Ethereum. Open interest in DOGE futures has reached $2.52 billion, the highest since February. The DOGE/BTC pair gained 3.5% over 24 hours on Binance.
Dogecoin's Prospects on the Path to $1
A 2% increase in DOGE allocation in Grayscale’s fund indicates growing institutional interest. If this trend continues, analysts believe the resistance levels of $0.31 and $0.50 could soon be tested, drawing DOGE closer to the important $1 mark.
Current technical indicators and growing investor interest suggest that Dogecoin has the potential to continue its rise towards the significant psychological level of $1.
