Dogecoin is heading towards a breakout as it begins to test key resistance areas. After achieving an impressive increase of over 93% in the past week, some analysts are predicting another bullish surge of around 50%, which could push the token up to $0.34.
DOGE is currently trading at around $0.2944 according to CoinMarketCap data, maintaining its impressive upward momentum by surging 30% in just the past 24 hours. More impressively, the token's 24-hour trading volume has skyrocketed by 233%, indicating increasing interest from market participants as the token tests key breakout levels.
Its position on the 200-day exponential moving average (EMA) continues to support the current upward trend, and according to analysts, a daily closing higher than $0.226 will trigger the anticipated bullish surge.
According to data from IntoTheBlock, large transaction volume surged by 5.5% in the past day. The increase in whale activity, along with a 19% rise in Open Interest, according to Coinglass, may be a sign of recovering confidence among major players.
The increase in trading volume, along with the participation of institutions and favorable technical patterns, seems to create a solid foundation for DOGE's potential bullish move.
