Dogecoin Price Eyes 130% Breakout If DOGE Breaks This Resistance

Dogecoin price has once again caught the attention of the market participants with its recent surge. Although the crypto traded near the flatline in the weekly chart, its weekend recovery appears to have boosted the market sentiment.

Meanwhile, the analysts also noted that it is breaking a descending trendline, which might help in a robust recovery ahead.

Simultaneously, one prominent figure in the market noted that the DOGE price may rally about 130% if it breaks through a key resistance level ahead.

A Quick Tour of Dogecoin Price & Performance

The Dogecoin price has recorded a surge of around 1.5% today and traded at $0.1619 during writing.

However, the trading volume has dropped by a staggering 31% to $546.63 million, indicating less participation by the traders.

Notably, the crypto has touched a 24-hour high of $0.1634 while its one-day low was recorded at $0.1575.

Despite the recent surge, the crypto has traded near the flatline in the weekly chart, while dropping around 30% over the last 30 days.

Meanwhile, the Relative Strength Index (RSI) of the crypto was at 39. It indicates that the crypto is currently in a neutral state, which also leaves space for a further rally in the leading dog-themed meme coin’s price.

However, it’s worth noting that the current surge comes amid a broader crypto market recovery. During writing, the global crypto market cap soared 0.8% to $3.29 trillion.

Besides, most of the top meme coins are also traded in green, indicating renewed confidence among the market participants.

DOGE Price Technical Indicators Hint at Further Rally Ahead

Dogecoin price’s recent surge to $0.162 has sparked optimism among analysts. Besides, the analysts noted that the technical indicators point to a further rally.

For context, in a recent X post, analyst Trader Tardigrade highlights a bullish MACD cross on the daily chart. This indicates a potential buy signal, which might help drive the prices higher in the near future.

In addition, in a separate post, he highlighted the DOGE price’s recovery above $0.16 and an attempt to break a descending trendline. This trendline break could trigger a massive rally, if successful.

In other words, breaking this trendline would likely unlock new upside potential for the token. With these technical indicators in place, Dogecoin’s price could be poised for significant gains soon.

Can Dogecoin Rally 130%?

Amid the bullish technical indicators and the current recovery, a renowned market pundit has shared crucial insights on the potential future move of the meme coin. For context, in a recent X post, analyst Jonathan Carter shared a price chart for DOGE and said:

“Dogecoin is bouncing off the lower support boundary of a descending triangle on the daily timeframe.”

As per the price chart, the DOGE price’s lower support boundary lies at $0.1618. Besides, Carter said that if the Dogecoin price breaks through the $0.17 resistance, DOGE could continue its run towards the north.

Meanwhile, the analyst has set the next target for the meme coin at $0.20, $0.26, $0.31, and $0.39. Having said that, it appears that DOGE might rally 130% to $0.39 if it breaks through the $0.17 resistance ahead.