Why is Dogecoin Up Today?

Dogecoin (DOGE) has seen a value increase over the past week, driven by increased buying from large investors and higher trading volume. In the last 24 hours, the Dogecoin price rose by 5%, thanks to a clear technical breakout and positive chart patterns.

Dogecoin Price Breaks Above $0.2

CoinMarketCap data shows that between July 13 and July 14, the Dogecoin price rallied 5%, climbing from $0.205 to $0.2094. This can be attributed to its volume bikes, which recorded a 78% increase. 

Furthermore, CoinGlass data also showed that futures volume surged past $1.48 billion, hitting its highest level this month. This also highlights significant whale movement, driving the price action.

Dogecoin’s price has risen above a key level of $0.205 and has managed to stay there, even when it faced some pullbacks. Strong buyers kept their interest, pushing the price up further to a late surge, which reached above $0.2094.

The Dogecoin price rally coincided with bullish movements across the crypto market. Bitcoin reached a new high of over $121,000, which helped lift the entire altcoin sector and raised its total market value to $2.4 trillion.

At the same time, the altcoin market (reflected by the “Total 2” index) is signaling that a complete bull phase could be around the corner. Analysts argue that the right mix of macro optimism, whale accumulation, and technical strength is building up for altcoins, including Dogecoin.

Notably, Crypto analyst Kaleo recently shared that he’s heard rumors suggesting a Dogecoin ETF may be closer to approval than many believe. Polymarket currently places the odds of a DOGE ETF being approved by the end of 2025 at 75%. Kaleo remains bullish, noting that this number could quickly climb toward 100%.

Experts Predict Bullish Run For The Dogecoin Price

Some experts have projected even further growth in the Dogecoin price. Trader Tardigrade noted that Dogecoin has entered a section of an Ascending Broadening Wedge pattern, which historically can trigger significant upward moves. He further projected that the Dogecoin price could hit $1 in the long term.

In the near term, traders are closely watching to see if the Dogecoin price can hold above $0.208–$0.210 and push through the $0.213–$0.215 resistance band. Falling below $0.198 would break the bullish structure. However, so far, volume trends and whale flows suggest that confidence remains strong.

Crypto analyst Carl Moon weighed in on the Dogecoin price outlook as Bitcoin continues its record-breaking run. According to Carl, the immediate target for DOGE is the neckline resistance at $0.24. Should Dogecoin manage to break above this key level, he believes the price could rally sharply toward $0.33.

“Many of you are asking about the future of #Dogecoin as #Bitcoin continues to hit new ATHs!” Carl noted, highlighting the potential for a significant upside move if momentum holds.