Dogecoin (DOGE) price rose for the third consecutive day on Thursday, continuing with its recovery from near four-month lows.

The dog-themed meme coin was up by 2.3% and traded at $0.210 at the time of writing, bringing its weekly gains to 3.5%.

Dogecoin (CRYPTO: DOGE) price rose for the third successive day on Thursday, continuing with its recovery from near four-month lows. The dog-themed meme coin was up by 2.3% and traded at $0.210 at the time of writing, bringing its weekly gains to 3.5%. However, the underlying momentum is still largely bearish-leaning, as the coin’s returns year-to-date are at -33%.

What Happened, And Why?

Despite its recent gains, the momentum on DOGE price signals a weak upside traction. As of this writing, the coin’s volume of trade was down by 35.9% in the last 24 hours, signaling that most investors are unwilling to buy the coin at a higher price.

Dogecoin price upside has been subdued due to an increasing inclination towards utility-based cryptocurrencies. That trend just got a notch higher after US President Donald Trump announced last weekend that his administration had initiated plans to establish a Federal Strategic Cryptocurrency Reserve.

Friday’s White House Crypto Summit could add weight to utility-based cryptocurrencies, potentially to the detriment of meme coins like Dogecoin.

On a positive note, Bitwise just filed an application with the Securities and Exchange Commission (SEC) for a spot Dogecoin ETF. That adds credence to Dogecoin’s status as the premier meme coin and points to its higher institutional affinity relative to other meme coins.

However, the approval is likely months away, and that means limited impact on the near-term Dogecoin price.

Dogecoin Price Prediction

Dogecoin price pivots at $0.207, and action above that level favors the buyers to stay in control. The coin will meet initial resistance at $0.217. However, a stronger momentum will break above that level and potentially test the second resistance at $0.228.

On the other hand, moving below $0.204 will shift the momentum to the downside. That could see the first support established at $0.194. The upside narrative will be invalid if the price breaks below that level. The resulting momentum could extend the downside to test the second support at $0.182.