Dogecoin Breaks Out: Can DOGE Bulls Scratch a Rally Ahead?

• Dogecoin noted a channel breakout and soared over 25% this week.
• Buyers have gained traction and are looking forward to stretching the upmove ahead.

The Dogecoin (DOGE) witnessed a significant uptick and has breached out of the falling channel. Over the past few weeks, DOGE was traded in a downtrend and remained under a bearish influence.

This week, a shift in the market dynamics was noted, and DOGE triggered a breakout. Notably, it has reached the highest cluster of $0.1340 and retested the 100-day EMA mark.

A potential short-term reversal can be seen once DOGE climbs above the barrier of the 100-day EMA mark. Followed by the shift in the market dynamics in the last few sessions, most memecoins, including DOGE, have noted an uptick in their value.

After a long retracement, Dogecoin made a hammer candlestick at the bottom, triggering a reversal from the bottom. Since the beginning of July, the buyers have accumulated the coin and gained traction.

How is DOGE Doing?

At press time, the DOGE price traded at $0.1314  with an intraday surge of 3.55%, reflecting neutrality on the charts. It has a monthly return ratio of 5.66% and 79.30% yearly, reflecting short-term consolidation.

The pair of DOGE/BTC is at 0.00000197 BTC, and the market cap is $18.91 Billion. Analysts are neutral and suggest that the DOGE price may stretch the bullish leg toward the $0.16000 mark.

Regarding the market cap, DOGE was ranked at 8 and has a total supply of 143.81 Billion. At the same time, the fully diluted market cap was noted at 0.0507.

DOGE Traders Looked Optimistic

Fueled by the demand surge, DOGE price saw an uptick of over 20% this week and soared high. Buyers have gained momentum and were eager to spread the bullish reversal ahead.

DOGE Price Chart | Source: Santiment

The RSI curve noted a vertical spike and soared to the overbought zone, whereas the MACD indicator plotted the same and guided a bullish crossover on the chart.

@ETF, in his X post, said that DOGE smashed through the key resistance hurdle and is set to go ahead.

$DOGE smashed through key resistances (EMA200, major downtrend line, $0.127) and is now retesting the crucial $0.127 level.

If it holds, I'm going long with a target of $0.165 (+25% potential). SL just below $0.127. #Dogecoin #CryptoTrading #Bullish pic.twitter.com/0WhdOqYBBr

— ETF (@_E_T_F_) July 21, 2024

A Tweet by ETF | Source:X

Per the price action standpoint, once DOGE crosses the $0.1450 mark, it may go ahead toward the $0.1500 mark soon.

Surge In Popularity 

The Social Dominance data revealed a pullback and showed an uptick of over 30% to 1.451% this week. This shift revealed the surge in the chatter among the investors on social media platforms.

Social Dominance Data | Source: Santiment

Similarly, the development activity data noted a consistent upmove, soaring over 65% this month. It reflects a rise in the DOGE ecosystem and growth in the community.

Majority Are In Green

Per the IntoTheBlock data, the GIOM (Global In/Out Of the Money) Indicator showed that 76.90% of DOGE addresses were sitting on the gains. 

While 22% of addresses faced unrealized losses and sought to secure their gains, this strategic shift hints that its holders have remained optimistic. They continued to deliver their dominance.

GIOM Indicator Chart | Source: IntoTheBlock

DOGE’s holders have dominated the battle and prevented the coin from any unwanted losses. Still, the trend is neutral, and DOGE awaits a significant bullish reversal.

The immediate support levels for Dogecoin are $0.1200 and $0.1120. In comparison, the key upside hurdle is around $0.1430, followed by $0.1500.

Is DOGE Ready To Skyrocket Gains?

The Dogecoin price climbed above the 20-day and 50-day EMA mark. However, It has struggled to cross the 100-day EMA. Meanwhile, the DOGE escaped from the channel and was poised for an upmove ahead.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.