Despite its recent struggles, Dogecoin (DOGE) may be due for a breakout as the hype surrounding SpaceX's IPO continues to build. The cryptocurrency has been stuck in a six-month descending channel, with every rally finding resistance at the upper boundary.
A cup pattern has formed on the 4-hour chart, providing short-term support and indicating a potential reversal. However, technical indicators remain bearish, with the daily Supertrend still capping rallies at $0.1070 since October.
Institutional demand for DOGE is weak, with US spot ETFs pulling in just $972K in March, according to recent data. This suggests that institutions are not rushing into the market, and may be waiting for a catalyst to drive prices higher.