- Dogecoin surged 3%, defying the market downturn, and could enter a bullish phase if it breaks the $0.21 resistance.
- Analysts predict a potential rally toward $0.50 as futures market interest and adoption efforts grow.
Dogecoin (DOGE) has managed to buck the broader market’s tariff-induced downturn, climbing 3% in the past 24 hours. Analysts believe the popular memecoin could be on the verge of a significant breakout if it surpasses a key resistance level.
Analyst Sees Bullish Potential Above $0.21
Widely followed cryptocurrency analyst Ali Martinez pointed to the SuperTrend indicator, suggesting that DOGE could enter a bullish phase if it breaks above $0.21. The SuperTrend indicator is a widely used tool for identifying market trends and potential entry or exit points.
“The SuperTrend indicator suggests that #Dogecoin $DOGE could enter a bullish phase upon breaking the $0.21 resistance level,” Martinez noted.
Another prominent analyst, AMCrypto, echoed the optimism, predicting that Dogecoin could spearhead a new memecoin rally. According to him, DOGE has successfully retested a multi-year support trendline, setting the stage for a potential surge.
“DOGE had a perfect multi-year support trendline retest. My first major target is $0.50 in Q2,” AMCrypto stated.
Dogecoin Futures Market Sees Bullish Sentiment
The bullish sentiment is also reflected in the futures market. Data from Coinglass reveals that Dogecoin’s Open Interest rose 1.89% to $2.02 billion, marking the seventh consecutive day of gains. Additionally, the Long/Short ratio climbed above 1, indicating that more traders are placing long bets on DOGE’s continued rise.
Adoption Push Boosts Interest
The recent surge in interest around Dogecoin has also been fueled by a newly created 10 million DOGE reserve aimed at promoting the coin’s real-world payment adoption. This initiative is expected to strengthen Dogecoin’s utility and long-term growth prospects.
Price Action
At the time of writing, Dogecoin was trading at $0.1985, up 3.14% over the past 24 hours, according to Benzinga Pro data. However, despite the recent rally, DOGE remains down 36% year-to-date.
If DOGE can decisively break above $0.21, it could validate bullish predictions and set the stage for a move toward $0.50 in the coming months. Crypto traders and enthusiasts will be closely watching this key resistance level for signs of further momentum.
