Bitcoin is currently doing extremely well, but Dogecoin is certainly not lagging behind. The memecoin veteran is up 5.15 percent in the past 24 hours and is up 13.22 percent over the last seven days. This gives the project a price of $ 0.06799 and an impressive market cap of $ 9.51 billion.
What is going on?
Elon Musk hasn’t commented on Dogecoin, so we can at least rule that out as a reason for the memecoin’s pump. It appears to be a technical breakout. After the strong resistance at the price of $0.063 was broken, the coin shot up to the current price of $0.06799.
Not only does the breakout mark a potential reversal in the trend of the past few weeks, it now appears to have the potential to continue towards the $0.095 price.
That is currently the next barrier on the chart for the digital currency. If we manage to break through that, we will be back in bull market territory for Dogecoin.
However, the bulls will have to continue for a while, because that price has not just been reached from the current level. The first hurdle on the way to that milestone is at $0.075, followed by resistance at $0.083.
Capital inflow to the market
Overall, the crypto market is having a good few days. That seems to have everything to do with the sudden institutional interest in Bitcoin and crypto.
The big driver of this coin boom is BlackRock, which announced the application for a Spot Bitcoin ETF earlier this week.
Furthermore, parties such as WisdomTree, Invesco, Fidelity and even Deutsche Bank are also active in the field of Bitcoin and crypto.
The traditional finance industry clearly sees opportunity after the US Securities and Exchange Commission announced the lawsuits against Binance and Coinbase.