Dogecoin Surges Amid Meme Coin Revival and Bitcoin Rally, Nears Key Resistance Levels
Dogecoin price experienced a strong bullish breakout as investors showed renewed interest in meme coins, and as Bitcoin surpassed the $68,000 mark.
The leading meme coin, Dogecoin, surged to $0.1283, marking its highest level since September 29. The cryptocurrency entered a bull market, having climbed 56% from its lowest point in August.
DOGE’s rally came in a period of heightened trading activity. Data from CoinGecko reveals that its 24-hour trading volume reached $2.25 billion, the highest figure recorded in more than two weeks.
A similar pattern emerged in the futures market, with open interest climbing to over $768 million, its highest level since June 19. Increased open interest is often an indication of growing demand for a cryptocurrency.
Dogecoin’s rally was part of a broader surge among meme coins, which have been performing well in recent weeks. For instance, Bonk saw a 14.2% rise over the last seven days, while Brett, Neiro, and Cat in a Dog’s World all soared by more than 20% in the same period.
This momentum coincided with a broader recovery in cryptocurrency markets. Bitcoin broke through the key $68,000 resistance level for the first time in weeks. Meanwhile, spot Bitcoin ETFs recorded inflows of $371 million on October 16, pushing total inflows for the year to over $19.7 billion.
Additionally, speculation surrounding Tesla’s potential purchase of Dogecoin fueled further excitement. The company reportedly moved $225 million worth of Bitcoin to undisclosed wallets, and Elon Musk’s previous endorsements of Dogecoin suggest this move could signal interest in the meme coin.
Dogecoin Approaches Key Resistance Levels
DOGE has rallied for three straight days, reaching its highest price since September 30. It has broken above the 50-day and 200-day weighted moving averages (WMA), setting up the potential formation of a golden cross. The last time this cross occurred, back in November, Dogecoin jumped over 53%.
Furthermore, DOGE has surpassed the ascending trendline that has connected the coin’s lowest points since August.
Should Dogecoin rise above the key resistance at $0.1318, its peak from September 28, further gains are likely. The next major resistance level lies at $0.1440, which was last seen on June 21.
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