- Dogecoin price has risen by double digits and is on course to record its best week since early may. Here’s why the upside will continues.
Dogecoin price rose to eight-week highs of $0.249 on Friday, sailing on a blend of market-wide bullish sentiment and its own market-specific fundamentals. The coin was up by 10% at the time of writing, raising its weekly gains to 23%. Bit Origin, the Nasdaq-listed crypto mining company became the first listed company to move to have Dogecoin as its primary treasury asset.
Bit Origin raised a massive $500 million to boost their DOGE reserves—$400 million through a stock sale and another $100 million via convertible debt. From a price action perspective, things are heating up. After trading in a tight range and forming some classic bullish flag patterns, DOGE broke out sharply and is now aiming for that key resistance area near $0.270. Right now, it’s consolidating just above the breakout level, and the momentum looks pretty healthy. If it can retest that zone cleanly and hold, it could pave the way for a strong move toward the next major target.
The crypto market has an upbeat momentum, underlined by Bitcoin’s upsurge to new record highs this week. In addition a Financial Times report of plans by US President Donald Trump to open up retirement markets to crypto investments has injected fresh impetus into the market. If it comes to pass, the move could allow cryptocurrencies to appear in retirement investment portfolios, and could bring substantial capital inflows into the digital coins markets.
See also
Dogecoin Price Prediction
Dogecoin price pivot mark is at $0.239 and the momentum favours the upside to continue. The coin will likely meet initial resistance at $0.250. Breaking above that level will signal a strong momentum that could push the action higher to test $0.256.
Alternatively, breaking below $0.239 will invite sellers to take control. In that case, DOGE price will likely find its primary support at $0.232. Breaking below that kevel will invalidate the upside narrative. Furthermore, an extended control by the buyers could push the action higher and test $0.220.
