Dogecoin (DOGE) Price Poised for Bullish Liftoff Amidst Meme Coins Frenzy

Dogecoin (DOGE), the renowned meme coin that relies on the proof-of-work (PoW) consensus method, is gaining bullish momentum following a successful retest of the macro uptrend breakout.

Supported by tech billionaire Elon Musk and boasting over 7.3 million holders, this large-cap meme coin is exhibiting a breakout pattern similar to previous macro bull cycles.

It is worth noting that many other meme coins, such as Floki Inu (FLOKI) and Pepe (PEPE), have also experienced significant bullish trends in the past couple of weeks.

However, Dogecoin’s price against the US dollar is approaching the apex of an ascending triangle, encountering a mild resistance around $0.17.

Crypto analyst Munro, who has amassed a following of over 348k, suggests that if Dogecoin can consistently close above $0.175 in the coming days, its price is poised to rally beyond 20 cents. The coin has repeatedly tested the 50-day Moving Average (MA) after establishing a strong support level at around 14 cents.

With the daily 50 Relative Strength Index (RSI) serving as a robust support level, it is reasonable to anticipate that Dogecoin’s price will soon aim to retest the 70 level. From a macro perspective, the coin is in the early stages of a crypto bull run that is expected to last for the next few quarters.

The Dogecoin community is placing its trust in Musk to integrate the meme coin with the X platform for payments, thereby enhancing its utility and liquidity. Currently, DOGE is accepted as a form of payment for Tesla products and has even been used to fund a space mission with SpaceX.

As the top meme coin, Dogecoin is likely to attract more institutional investors, with some analysts even predicting the introduction of a spot DOGE ETF in the near future.

Tags: Dogecoin (DOGE)