Bit Origin’s DOGE Treasury Purchase Could Support Rally Above $0.29 Resistance Level

Key Points

1. Bit Origin acquired 40.5 million DOGE tokens for its treasury, potentially boosting market sentiment and price.

2. DOGE faces resistance at $0.29, with a break above this level signaling a bullish move toward $0.44.

3. Short-term bearish indicators include a downward-trending 20-SMA and RSI near oversold levels, with support at $0.21.

4. Institutional adoption of DOGE, like Bit Origin's treasury move, could increase demand and liquidity in the medium term.

5. A sustained close above the 20-SMA could indicate potential upward movement toward resistance levels at $0.27 and $0.29.