Is Dogecoin (DOGE) Poised for a Breakout as Uptober Nears?

• DOGE has spiked by 4.48%, over the past 24 hours.
• The meme coin continued to stay in the neutral zone.

Top meme coins in the market are recovering from their recent lows. Among them, the dog-themed meme coin, Dogecoin (DOGE), has been seemingly in bullish mode. In the last 24 hours, the meme token gained over 4.48% and trades within the $0.11 range. 

The DOGE price’s peak and low were recorded at $0.1146 and $0.1071, respectively. At the time of writing, DOGE traded at $0.1137, with its daily trading volume increasing by 32.16% to $937 million, as per CMC data. 

Ali charts reveal that Dogecoin has recently surged past the critical $0.111 resistance level, a price point where 62,270 addresses hold over 36 billion DOGE tokens. This upward momentum suggests a growing bullish trend in the market.

With no major supply walls ahead, the next target could be $0.150. Additionally, the recent rise in DOGE’s adoption, supported by Elon Musk’s continued influence, could likely contribute to sustained price growth.

Will the Bullish Momentum Sustain?

The upward momentum of DOGE has continued over the past month and week. In the last thirty days, the asset gained over 8.50%. However, this bullish sentiment reflected on the weekly chart that displayed a 9.21% spike, from $0.1043 to $0.1103. 

The technical indicators of DOGE suggest the asset has surpassed the bearish trend. The short-term 9-day and the long-term 21-day moving averages are found below the current price momentum. Moreover, the asset is in the neutral zone, as the daily relative strength index (RSI) stands at 69.27.

At press time, the asset’s price break past the $0.1140 mark might signal the bull cycle. DOGE may test the major resistance at the $0.1171, a crucial area for bulls. A rebound from this level allows the asset to recover, but losing it could drive the price toward the $0.1134 support zone. 

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