Dogecoin could see further upward movement toward $0.10 if Bitcoin breaks the $80,000 threshold and successfully holds it as support. Recently, Dogecoin rose to approximately $0.083, marking a 5% increase over a 24-hour period, while Bitcoin traded around $77,500 after touching a high of $79,200.
Bitcoin's recent rally has included a weekly gain of over 20%, representing its largest weekly advance since March 2023. The upward price action was supported by significant short liquidations, with over $1 billion in short sales lost in a single day and total estimates reaching $4.3 billion over four days. Bitcoin currently faces resistance around the $80,000 level.
Institutional demand has also bolstered the wider cryptocurrency market. Spot Bitcoin exchange-traded funds recorded three consecutive sessions of inflows, bringing in nearly $1 billion during that span, while Wall Street Journal reports noted $1.6 billion in total inflows into Bitcoin ETFs over a four-day period. Meanwhile, Dogecoin ETFs saw $654,420 in inflows on August 20, lifting total inflows to $12.29 million. These capital movements coincided with the Crypto Fear and Greed Index rising to 71, placing sentiment back in the "greed" zone.
Market analysts note that when overall risk appetite in cryptocurrencies improves, Dogecoin can sometimes outperform Bitcoin. To reach $0.10, Dogecoin would need to rise about 18% from $0.085. Analysts suggest that simply touching $80,000 may not be enough to generate that level of demand; instead, Bitcoin must break and close above $80,000 to serve as a new support level, potentially freeing up capital for altcoins and memecoins.
Dogecoin faces intermediate resistance near $0.086 and the psychological $0.09 barrier. Sustained momentum could push the token toward $0.095 and $0.10, with a potential daily close above $0.10 opening the door toward $0.11 and $0.12. Conversely, a failure to hold current levels could expose a downside risk toward $0.075 before any recovery attempt.
