Dogecoin (DOGE), the biggest meme coin by market capitalization, faces a key resistance on the daily chart. This outlook comes amid a spike in the daily trading volume, demonstrating heightened investor interest.
Dogecoin key resistance
According to CoinMarketCap data, DOGE was trading at $0.323, down 1.24% in the past 24 hours. Within this time frame, DOGE touched a high price of $0.35 before dropping to its current level. Now, it is looking at retesting its key resistance level at the $0.3 level.
The daily chart shows bears have continued to push DOGE down, as indicated by the declining price. As a result, DOGE has yet to enter a consolidation channel that will later become a foundation for recovery. If bulls recover, the effort to flip the $0.33 level could be successful in the short term.
However, traders have increased support for the meme coin, as the volume profile indicates. Within the last 24 hours, 5,459,592,843 DOGE has been shuffled on-chain, amounting to a trading volume increase of over 45% to $1.8 billion, showing increased investor interest.
Over the past few weeks, intense trading volume and accompanying DOGE accumulation have been a precursor to price rebounds.
Surging DOGE institutional interest
Meanwhile, expectations about a DOGE exchange-traded fund (ETF) approval continue to rise in the crypto market. This has sparked rising institutional interest for the leading meme coin.
As reported by U.Today, Polymarket has forecast a 56% chance to launch a DOGE ETF in 2025. Several asset managers, including Bitwise and REX Shares, recently submitted applications for a DOGE ETF.
Furthermore, Grayscale Investments has launched its first Dogecoin Trust to broaden its digital asset offerings. The new product, available only to eligible investors, will offer investors a direct way to gain exposure to DOGE.
As DOGE continues to gain institutional interest, the price is expected to see a corresponding increase. Dogecoin also set a precedent for other ecosystem meme coins to launch their exchange-traded fund.
