Recently, Dogecoin (DOGE) has performed well in the market, successfully breaking through a year-long downward trend line in the past 24 hours, attracting widespread attention from the market.

According to the latest data, the price of DOGE has risen from a low of $0.2731, reaching a high of $0.2901 at one point. Multiple factors are driving this upward trend:

First, the expectation that the Federal Reserve is about to start a rate-cutting cycle is favorable for risk assets, including cryptocurrencies. Secondly, institutional investors' interest in DOGE has significantly increased, with about 5% of the DOGE supply being locked by institutions, which has driven a surge in trading volume, with daily trading volume reaching as high as 9 billion dollars.

It is worth noting that DOGE's performance not only surpasses major mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), but it also leads in the meme coin sector in terms of growth.

The market is still buzzing about the potential upcoming DOGE ETF, and this expectation has further pushed up the price of DOGE. Some analysts believe that if the ETF news is confirmed, the price of DOGE is expected to hit $0.39 in the short term.

However, investors still need to be vigilant about potential risks. Changes in geopolitical situations and adjustments in regulatory policies may affect the price trends of DOGE.

Currently, the key resistance level for DOGE is at $0.30, while the support level is at $0.27. As the overall atmosphere of the cryptocurrency market warms up, the future performance of DOGE is worth looking forward to. However, investors still need to closely monitor market trends and weigh potential risks and rewards when making decisions.