5,459,592,843 Dogecoin in 24 Hours, DOGE Ready to Confront Key Resistance

Dogecoin Faces Key Resistance Amidst Heightened Investor Interest

Dogecoin (DOGE), the leading meme coin by market capitalization, encounters a significant resistance level on the daily chart. This observation emerges amidst a substantial surge in daily trading volume, indicating heightened investor engagement.

Dogecoin's Key Resistance

As of CoinMarketCap data, DOGE trades at $0.323, exhibiting a 1.24% decline over the past 24 hours. During this period, DOGE reached a peak of $0.35 before retreating to its current level. Now, it aims to retest its pivotal resistance at $0.3.

Market Dynamics

The daily chart indicates that bears have persistently suppressed DOGE, resulting in a declining price trend. Consequently, DOGE has not yet initiated a consolidation phase, which could serve as a foundation for recovery. If bulls regain momentum, they may successfully overcome the $0.33 level in the short term.

Increased Investor Interest

Traders have expressed increased support for the meme coin, as evident from the volumous activity. Over the past 24 hours, 5,459,592,843 DOGE has circulated on-chain, marking a trading volume growth of over 45% to $1.8 billion, underscoring the burgeoning investor interest.

In recent weeks, high trading volume coupled with DOGE accumulation has typically preceded price rebounds.

Institutional Adoption

Meanwhile, anticipations for the approval of a Dogecoin exchange-traded fund (ETF) within the crypto market intensify. This sentiment has fueled rising institutional appetite for the leading meme coin.

As reported by U.Today, Polymarket predicts a 56% likelihood of a DOGE ETF launch in 2025. Several asset managers, including Bitwise and REX Shares, have recently proposed DOGE ETF applications.

Moreover, Grayscale Investments has unveiled its maiden Dogecoin Trust, expanding its digital asset portfolio. This new product, available only to accredited investors, grants them direct exposure to DOGE.

As DOGE gains institutional traction, the price is expected to experience a commensurate increase. Dogecoin also sets a precedent for other ecosystem meme coins to launch their exchange-traded funds.