DOGE joins Bitcoin and Ethereum in a market-wide rally, with analysts pointing to technical and regulatory catalysts for the surge.

DOGE Rises Alongside Bitcoin and Ethereum

Dogecoin’s price has climbed 6% in the past 24 hours, trading at $0.4382 as of today, following a broader recovery in the cryptocurrency market. The total market capitalisation rose 3.7% to $3.69 trillion during the same period, supported by Bitcoin’s historic breakthrough above $100,000 and Ethereum’s gains.

Bitcoin, the largest cryptocurrency, surged to an all-time high of $103,900, achieving a 52% increase since early November. Ethereum followed suit, trading above $3,917 after a 5.62% daily gain. Dogecoin was among the few top-cap cryptocurrencies to post significant gains alongside Bitcoin and Ethereum.

Favourable Regulatory Sentiment Fuels Optimism

The rally coincides with growing optimism about a more crypto-friendly regulatory environment under former US President Donald Trump’s administration. Trump’s nomination of crypto advocate Paul Atkins as SEC chair and the inclusion of pro-crypto figures in key financial positions has bolstered market sentiment.

These appointments are expected to ease regulatory hurdles that previously hindered the crypto industry under Gary Gensler’s leadership. This potential shift in US crypto policy appears to have catalysed investor confidence.

Dogecoin’s Technical Indicators Signal Strength

DOGE’s recent price movements suggest continued bullish momentum. Over the past three weeks, DOGE has formed an ascending parallel channel, characterised by higher highs and higher lows. As long as the price remains within this channel, analysts predict further upside.

Currently, DOGE is holding support near $0.44, with a target of $0.47 at the channel’s upper boundary. A breakthrough above $0.47 could pave the way to the psychological $0.50 mark, representing a potential 13% gain from current levels.

Spike in Funding Rates and Open Interest

A surge in funding rates and open interest for DOGE signals growing demand for long positions. Open interest increased by 17% over the last 24 hours to $4 billion, suggesting significant capital inflows.

With these bullish indicators and favourable market conditions, analysts predict Dogecoin may continue its upward trajectory, potentially reaching new multi-year highs in the coming weeks.