Dogecoin price resumed its upside trajectory on Monday, gaining 3.4% at the time of writing and trading at $0.239. The dog-themed meme coin has risen by more than 40% in the last week, making it one of the best-performing cryptocurrencies. It was previously rejected at $0.260 over the weekend, a barrier it has failed to breach since early February. However, the current market sentiment and technical indicators signal a likely breakout in the near-term.
According to Coinanalyze data, DOGE open interest value rose by 8.1% in the last 24 hours to reach $1.4 billion. That signals rising investor confidence in the coin’s upside potential, which adds support to the price.
Notably, meme coins have bounced back strongly in the wake of news of a breakthrough in trade negotiations between the United States and China. Dogecoin’s peers including FLOKI, WIF and Based Brett have all registered triple-digit percentage growth in the last week. That could see traders increasingly inclined towards those coins at DOGE’s expense.
However, DOGE still runs on Proof of Work, which gives sets it apart from most meme coins and gives it an edge, especially among institutional investors. That sentiment favours continued growth by Dogecoin, thanks to its status as the largest meme coin by market capitalisation. Furthermore, Dogecoin price recently crossed above the 20-week and 50-week Simple Moving Average levels, affirming a strong bullish undercurrent.
Dogecoin Price Prediction
The momentum on Dogecoin price calls for further upside above the pivot mark at $0.222. It will likely meet the first hurdle at $0.248. However, if the buyers extend their control, the momentum could go above that level and test $0.260.
On the other hand, the momentum could shift to the downside if the price breaks below $0.222. That will likely see the DOGEUSD pair find the first support at $0.205. The upside narrative will be invalid if the price action goes below that level. In addition, that could strengthen the downward momentum and send the price lower to test $0.184.
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