After a significant high-volume breakout, Dogecoin establishes a bullish structure, pushing DOGE up by 11%.

Dogecoin Shows Signs of Further Upside After Strong Volume-Backed Rally

Dogecoin (DOGE) is demonstrating promising potential for continued gains, with key support established at $0.21 and resistance holding at $0.24.

The popular meme cryptocurrency surged to a high of $0.24, accompanied by trading volume nearly twice the monthly average, indicating significant institutional involvement fueling the recent rally.

Market Developments Supporting Momentum

• The Federal Reserve hinted at a more lenient approach toward cryptocurrency banking regulations, while Wyoming introduced the nation’s first state-backed stablecoin. These developments have contributed positively to overall sentiment within the digital asset space.
• In a major move, Thumzup, an entity linked to former President Trump, completed a $50 million acquisition of Dogehash, a Dogecoin mining company. Executives assert this deal establishes the largest DOGE mining operation to date.
• SoFi became the first U.S. bank to adopt Bitcoin’s Lightning Network for remittances, signaling growing institutional adoption of crypto payment infrastructure.
• Whale wallets have accumulated approximately 680 million DOGE tokens throughout August, underscoring steady institutional inflows despite fluctuations driven by retail traders.

Price Movement Highlights

• DOGE surged 8% between August 22 and 23, rising from $0.22 to $0.24, moving within a $0.02 range.
• The most notable spike occurred at 14:00 GMT on August 22, when DOGE climbed from $0.21 to $0.23 on a trading volume of 4.27 billion tokens — nearly four times the hourly average, according to technical data from CoinDesk Research.
• Support has now solidified at $0.21 following a successful retest, while resistance remains firm at the psychologically important $0.24 level.
• A late-session push added another 1%, taking the price from $0.23 to $0.24, with a peak volume of 28.1 million tokens at 04:52 GMT confirming strong accumulation.
• Consecutive higher lows indicate sustained buying pressure and the potential for the bullish trend to continue.

Broader Market Context

Dogecoin’s breakout coincides with a general resurgence in crypto markets, driven by improving risk appetite across both equities and digital assets. The combination of more accommodative Fed policies, pioneering state-backed stablecoin initiatives, and high-profile mining acquisitions has heightened institutional interest in a token traditionally perceived as retail-centric.

The $0.24 resistance level remains critical; a decisive break above this point could propel DOGE toward the next target near $0.26. Conversely, failure to clear this hurdle may prompt renewed testing of the $0.21 support zone.

Key Technical Indicators

• 24-hour price gain of 8% within a $0.02 trading range.
• Trading volume surged 97% above the 30-day average, totaling 4.27 billion tokens.
• Support confirmed at $0.21 after intraday retesting.
• Resistance solidified at the $0.24 psychological barrier.
• Formation of higher lows points to a bullish technical structure.
• Institutional accumulation confirmed by a volume peak of 28.1 million tokens.

What Traders Should Monitor

• Whether DOGE can convert $0.24 resistance into support for a sustained breakout targeting $0.26.
• The balance between continued whale accumulation and potential retail profit-taking at key resistance.
• The effect of Wyoming’s state-backed stablecoin on liquidity flows in meme tokens.
• Changes in futures open interest following the recent strong spot-market rally.

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