Dogecoin (DOGE) has decisively broken out of a technical descending triangle pattern, triggering a bullish rally supported by strong trading volume. The breakout occurred after finding significant price support near $0.145.
Following the pattern breach, Dogecoin climbed to $0.212 before experiencing a minor retracement to $0.194. Crucially, volume analysis confirms substantial trading activity, with over $1 billion worth of DOGE trading hands between the $0.198 and $0.213 price levels. This robust volume validates the breakout and establishes the $0.20 mark as a key psychological support area.
Dogecoin currently commands a market capitalization of approximately $29.14 billion. While its 24-hour trading volume stands at $2.71 billion, this represents a daily decrease of 20.91%.
The broader crypto market surge, spearheaded by Bitcoin’s significant climb to $118,000, has provided a favorable tailwind for Dogecoin and other altcoins. This positive market sentiment enhances the probability for Dogecoin to extend its gains.
Technical indicators are projecting a bullish outlook. Analysts suggest Dogecoin possesses the potential to reach a resistance zone between $0.40 and $0.45, contingent upon maintaining its upward momentum above critical short-term support near the $0.208-$0.210 level.