Dogecoin (DOGE) has decisively broken a descending trendline that persisted through a pattern of lower highs, suggesting a potential bullish reversal for the memecoin. The breakdown marks a technical shift in market structure as DOGE establishes a new higher high.
Accompanying this breakout is a notable 15% surge in on-chain transaction volume, signaling renewed trader interest and potential accumulation activity. This volume uptick typically precedes significant price movements in cryptocurrency markets.
Analysts identify immediate resistance between the $0.25 to $0.27 price range, with $0.29 emerging as the next critical target should bullish momentum sustain. Technical indicators currently reflect a neutral Relative Strength Index reading of 60.46. DOGE remains positioned above both the 20-day and 50-day Simple Moving Averages, reinforcing the positive technical setup.
The key determinant for near-term price action hinges on DOGE’s ability to break and consolidate above the $0.25-$0.27 resistance zone. Sustained movement beyond this threshold would validate the bullish reversal thesis and open a path toward testing the $0.29 level.