Dogecoin (DOGE) has continued its steady upward climb in the cryptocurrency market, surging past $0.18 in a bullish move. About seven days ago, DOGE was battling to breach the $0.1568 resistance level and finding support above the price mark.

Dogecoin bullish breakout signals and Bitcoin correlation

According to CoinMarketCap data, the dog-themed meme coin has soared to new levels, regaining the spotlight. DOGE's price rose to $0.1923 in the day’s trading before experiencing a correction.

As of this writing, DOGE's price has changed hands at $0.1813, up 1.1% in 24 hours and 15% in the past week. Its trading volume has remained high, up 29.63% to $1.96 billion, indicating that despite the slight price drop, investors remain active in the ecosystem.

DOGE is determined to take charge of the meme coin buzz in the broader cryptocurrency market. The asset is forming lower highs in a movement that suggests a bullish breakout is looming and supports its journey to stabilize above $0.19.

Some users in the ecosystem believe DOGE is riding the current bullish wave with Bitcoin (BTC). They think that if the leading digital currency rises to $100,000, it could support DOGE’s higher-level movement per their correlation.

If market participants sustain the current momentum and trading continues, DOGE will likely ride the Bitcoin wave to $0.195.

An uptick in trading volume within the ecosystem could push DOGE up and sustain its current momentum. An 80% surge in volume recently supported the meme coin’s rebound move.

Can ETF application fuel DOGE rebound?

Meanwhile, the Dogecoin community anticipates positive outcomes from the several exchange-traded fund (ETF) applications. Several ETF applications are before the Securities and Exchange Commission (SEC) and are awaiting the regulatory body’s review.

If the SEC considers the proposals filed by the different asset managers favorably, this might impact DOGE’s price outlook in the long term.