DOGE is currently trading with a bullish outlook as the price sits above an ascending trendline
Dogecoin outpaced many top cryptocurrencies with a massive 77% surge within 24 hours, pushing its weekly gains well past 300%.
While Ethereum reached a new all-time high (ATH) of $2,547 and XRP’s recent rise toward $2.00 was notable, Dogecoin (DOGE) stood out by setting a new ATH at $0.297.
The meme coin, which gained mainstream attention after support from Tesla CEO Elon Musk, rallied again following another optimistic tweet from the Tesla founder. Dogecoin’s market capitalization more than doubled in the past 24 hours, lifting it to eighth place among the largest cryptocurrencies, ahead of Litecoin and Uniswap.
DOGE is exchanging hands around $0.27.
Dogecoin Price Analysis
Dogecoin is trading with a bullish bias after breaking the resistance line of an ascending triangle pattern. An uptrend around $0.14 previously faced another supply barrier at $0.18. Once bulls cleared that hurdle, the price exploded higher.
Profit-taking and broader market sell-offs have since pulled the DOGE/USD pair back from its new all-time high. The pair dropped to lows near $0.21, but the uptrend remains intact, as suggested by the hourly RSI.
If buyers can keep prices above the newly formed bullish trendline, a retest of $0.275 could open the path toward $0.28 and the primary resistance level at $0.30.
Dogecoin gained 77.47% as it climbed from $0.168 to $0.297. A similar breakout could potentially propel the token quickly toward $0.48.
On the downside, immediate support is likely near $0.23 if DOGE bears push the price below the trendline. Dogecoin could find a bounce at that level and resume its upward move toward the forecasts noted above.
However, if sentiment turns negative, further declines below $0.20 would invite additional selling. Bears would then target horizontal support at $0.18, with the 50 SMA (~$0.16) and the 100 SMA (~$0.12) providing stronger buffering zones.