Dogecoin has recently attracted quite a bit of follow, gradually approaching the upper limit of its price range. Currently, it hovers around $0.249, which has been quite high in the $0.22 to $0.25 range over the past six weeks. This inevitably raises expectations about whether this playful Crypto Asset can usher in a new round of increase.

From a technical perspective, Dogecoin's 20-day EMA is around $0.225, while the 50-day, 100-day, and 200-day moving averages are all clustered below $0.220, which gives us a solid support zone. Additionally, the RSI is currently hovering between 60 and 61, indicating sustained buying momentum, but it hasn't reached an overbought level yet. Moreover, the MACD histogram is trending positive, also releasing a positive vibe, especially after the quiet trading experienced in August.

The next key resistance range is between $0.246 and $0.250, where the resistance and the Bollinger Bands coincide. If Dogecoin can break through and maintain above this level, it may open up a pathway to higher price levels, with a target potentially reaching $0.263 or even higher. However, if the price falls below $0.238–$0.240, or breaks through the approximately $0.214–$0.213 position of the 100/200-day moving averages, downward pressure may increase, weakening Dogecoin's bullish momentum.

The market also pointed out that the resistance level in the parallel channel pattern of Dogecoin is near $0.29, which means that if it breaks through here, the increase could potentially continue to over $0.3, even reaching $0.50. If successful, this would be a leap for Dogecoin.

In addition, fundamental news is also boosting this wave of optimism. For example, Grayscale has submitted an application for a Dogecoin ETF in the U.S., and the REX-Osprey Dogecoin ETF was officially launched on September 11. These events indicate that institutional interest in meme coins is on the rise, a trend that previously seemed unlikely.

At the same time, whale activity has also increased in interest, with over 10 million DOGE withdrawn from trading platforms. This situation is typically seen as the accumulation of long-term investors, reducing the circulating supply in the market.

With the entry of institutional products and the improvement of on-chain metrics, the positive rhetoric surrounding Dogecoin is strengthening. If it can effectively break through $0.25, it may pave the way for further price advancements towards $0.30.

Remember that the content in the article is for informational reference only, and past performance does not guarantee future results.