Dogecoin (DOGE) bulls have driven the popular memecoin above a key trendline resistance, a technical move reminiscent of its bullish setup preceding the 2024 rally. This breakout sees DOGE prices currently consolidating above the critical level of $0.23.
Market data shows Dogecoin trading at $0.2386 at the time of reporting, representing a notable 24-hour gain of 7.24%. Its market capitalization stands at $35.9 billion, underpinned by robust trading volume exceeding $2.7 billion over the same period.
Technical indicators are painting a cautiously optimistic picture. The Relative Strength Index (RSI) reads 57.52, indicating room for further upside potential before entering overbought territory. Crucially, DOGE is trading comfortably above its short-term moving averages, positioned above the 7-day Simple Moving Average (SMA) of $0.21 and the 20-day SMA at $0.22.
Key technical barriers lie at $0.29, identified as the next significant resistance level. Should volatility increase, support is expected near $0.19 and the more substantial $0.14 zone. The daily pivot point, reclaimed by buyers, sits at $0.23 and is now acting as near-term support.
Adding fuel to the bullish momentum is a noticeable surge in large-scale holder (whale) transactions. Concurrently, market speculation continues to swirl regarding potential future integration of DOGE as a payment option on the social media and payments platform X.