Dogecoin is the “Bitcoin of memecoins” as many analysts point out these days on X, formerly Twitter. The DOGE price has pumped over 30% this week, pushing it above $0.145.
This means the biggest memecoin is now trading at its highest level since June.
One of the crypto veterans “Bluntz” posted a viral Dogecoin chart to his 284,000 followers on X. According to his analysis, DOGE has finally broken free from its downtrend that began in April 2024. The breakthrough of the descending trendline that connected previous peaks suggests a significant shift in market sentiment.
The price action shows impressive strength, with DOGE securing an 8.54% gain today alone. What’s particularly noteworthy is the token’s journey from its late August low near $0.09, where it formed a bottom reversal pattern before beginning its current ascent.
looks to me like $doge is sucking liquidity out of the entire meme eco right now.nothing looks as bullish to me as $doge does on all the timeframes.doge used to do this in altseasons past where it would run hard and nothing else would move.defo having a deja vu moment https://t.co/tmGyvMreKo pic.twitter.com/RyNuhORSVD
— Bluntz (@Bluntz_Capital) October 19, 2024
The recent rally is built on solid ground, with strong support established in the $0.095-$0.10 range. This zone has repeatedly acted as a reliable floor, where buyers have consistently stepped in. The current surge in trading volume during the breakout adds credibility to the move, showing genuine buying interest rather than just speculative activity.
The RSI indicator currently sits at 64.41, suggesting bullish momentum while still leaving room for potential further gains before reaching overbought territory. Traders are now watching the $0.20-$0.22 region as the next significant resistance level that could influence the rally’s continuation.
Read also: PENDLE Price Surges, Analyst Projects $20 Target for Q4
Prominent crypto analyst CROW has joined the bullish chorus, suggesting that DOGE could eventually reach the ambitious $1 target. The analyst points to the current technical setup and market structure as potential catalysts for this major move.
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