Bit Origin, a China-based pork processing company that also operates itcoin">Bitcoin mining facilities, announced the completion of its 40.5 million Dogecoin acquisition for corporate treasury purposes. The company previously stated its ambitious goal to become the largest publicly traded holder of DOGE and has secured agreements with investors to raise $500 million through a combination of equity sales and debt offerings to fund this strategy. This institutional adoption represents a significant development for Dogecoin, as corporate treasury purchases typically provide price stability and can attract additional institutional interest.
The technical analysis reveals that DOGE has been trading within a defined range between $0.14 and $0.29 for an extended period, with consistent buying pressure near support levels and selling near resistance. After retreating from the $0.29 resistance on Monday, the cryptocurrency found support near the 20-day simple moving average at $0.21, where buyers are attempting to initiate a recovery. A successful break above $0.29 could signal the beginning of a new upward trend, potentially targeting $0.44 based on technical patterns.
Current market indicators present a mixed outlook for DOGE’s near-term performance. The 20-day SMA has begun declining and the RSI sits in negative territory, suggesting bearish momentum in the short term with relief rallies likely to face selling pressure. However, a decisive close above the 20-day SMA would indicate reduced selling pressure and could lead to a rally toward $0.27 and subsequently $0.29. The institutional backing from Bit Origin’s treasury purchase may provide the fundamental support needed to overcome technical resistance levels and establish a more sustainable upward trajectory for the popular meme cryptocurrency.
