Dogecoin (DOGE) price surged by nearly 6% over the past 24 hours, not fully recovering from recent sluggish performance as institutional interest appeared to be driving renewed optimism.

According to CoinDesk Research's technical analysis model, the token rose from $0.191 to $0.200. The rally was fueled by strong technical momentum and high-volume trading, which saw peak volume hit 470 million units during the 01:00 hour.

The rally in Dogecoin comes at a time of heightened global economic uncertainty, with geopolitical tensions and sticky inflation keeping a damper on risk assets.

However, despite this broader market backdrop, Dogecoin price broke through a key resistance at $0.193 and formed a new support level at $0.200 after brief consolidation.

Technical analysis highlights a strong uptrend in DOGE, with higher lows and higher highs being formed throughout the period.

The most aggressive buying was seen in the final four hours of the session, with volume spikes at 01:43 (32.9M units) and 01:46 (37.3M units) highlighting potential institutional accumulation.

A notable $20 million DOGE transfer to Coinbase also coincided with the launch of the SHIB DAO, which may spark interest in the meme coin sector and help fuel the surge.

As DOGE heads into the next trading session, traders will be watching closely to see if the meme coin can sustain its momentum amid broader market volatility.