Dogecoin (DOGE), the leading memecoin, surged 9%, with analyst Ali Martinez noting a breakout. The rally boosted DOGE’s 24-hour trading volume to $1.4 billion, a 109% increase.
Martinez noted DOGE broke out of a multi-month downtrend, supported by rising prices and a bullish RSI. He also mentioned a buy signal from the SuperTrend indicator, suggesting the start of a possible bullish trend.
“Dogecoin looks strong,” Martinez wrote in a post on X. “RSI and price broke out from multi-month downtrends, and DOGE also received a buy signal from the SuperTrend indicator.”
On-Chain Data Points to Long-Term Holding Behavior
In a recent post on X, Martinez explained that DOGE overcame a major on-chain supply wall. According to the data, approximately 62,270 addresses bought 36.08 billion DOGE tokens between the $0.108 and $0.111 price range.
The price range now represents a significant support level for DOGE, making it more difficult for the price to drop below it.
Further supporting the bullish sentiment, data from CoinGlass reveal substantial net outflows of DOGE from major exchanges. Binance saw $6.12 million in DOGE withdrawals, while Bybit recorded $4.46 million.
Wallets holding over 1 billion DOGE tokens have also seen reduced exchange balances, suggesting that large holders position themselves for potential future gains.
In the derivatives market, DOGE’s futures volume surged 77.18% to $2.22 billion, with open interest up 17.25% at $687.94 million. Options volume also increased by 4350.68% to $762,900, reflecting rising market activity as traders position for potential gains.
Dogecoin (DOGE) Breakout Targets $0.20, Says Analyst
Dogecoin (DOGE) is trading at $0.1227, having climbed 24.86% this month and 10% in the past 24 hours. It has surpassed the Ichimoku Cloud, a clear indicator of a bullish trend. The cryptocurrency is getting strong support from the 50-day and 200-day EMAs, bolstering its ascent.
Pseudo analyst Kevin pointed out that despite the breakout, DOGE still needs to clear critical resistance at $0.1434 to confirm its upward movement.
In contrast, crypto analyst Captain Faibik expressed a more bullish outlook. Faibik confirmed that DOGE’s falling wedge upside breakout was intact and suggested that if the DOGE USD pair successfully clears the resistance, the memecoin could target $0.20 in its next bullish leg.
Additionally, Mikybull, another cryptocurrency analyst, echoed a similar sentiment, stating that DOGE might be entering the final phase of its current market cycle. He suggested this phase could be highly explosive, resulting in rapid price expansion.
Analyst group World Of Charts also weighed in, predicting a potential recovery for DOGE, possibly pushing the price to $0.30 in the coming weeks.
Dogecoin’s ability to maintain its rally depends on breaking the $0.1434 resistance. If DOGE clears this level, it could rise to $0.20 or higher. However, failure to do so may lead to a price pullback, making the next few days critical for the memecoin’s performance.
