Following a high-volume breakout, Dogecoin’s price structure turns bullish, resulting in an 11% increase. -

Dogecoin Eyes Further Gains After Volume-Driven Rally

Dogecoin (DOGE) is showing signs of continued upward momentum, with solid support at $0.21 and resistance testing the $0.24 level.

The meme cryptocurrency surged to $0.24, backed by nearly double its average monthly volume—highlighting increasing institutional participation fueling the price advance.

Market Updates

The Federal Reserve hinted at easing crypto banking regulations, while Wyoming launched the first state-backed stablecoin, improving sentiment around digital assets.
Thumzup, linked to former President Trump, completed a $50 million acquisition of Dogehash, positioning it as the largest Dogecoin mining operation.
SoFi became the first U.S. bank to integrate Bitcoin’s Lightning Network for remittances, marking a key milestone for institutional crypto adoption.
Whale wallets added 680 million DOGE during August, signaling strong institutional accumulation despite retail market volatility.

Price Movement Summary

DOGE climbed 8% from $0.22 to $0.24 between August 22 and 23, trading within a $0.02 range.
The sharpest move came at 14:00 GMT on August 22, when DOGE jumped from $0.21 to $0.23 on 4.27 billion tokens traded—nearly four times the typical hourly volume, per CoinDesk Research.
Support at $0.21 held firm after a retest, while resistance capped gains at the $0.24 psychological level.
A late-session push added 1% from $0.23 to $0.24, with a volume peak of 28.1 million tokens at 04:52 GMT confirming accumulation.
Consecutive higher lows suggest ongoing buying pressure and a potential bullish trend continuation.

Market Outlook

DOGE’s breakout aligns with a wider recovery in crypto markets, driven by renewed risk appetite across digital assets and equities. Supportive factors include Fed policy easing, pioneering state-backed stablecoins, and significant mining acquisitions, which are encouraging greater institutional involvement in the often retail-driven DOGE.

The $0.24 resistance is critical—successfully breaking this level could push DOGE toward $0.26, while failure might lead to another test of $0.21 support.