Will DOGE Stay Bullish as Bitcoin Breaks $100K?

DOGE Surges Over 9% Amidst Market Rally

DOGE has witnessed a significant gain of over 9.25% in the past 24 hours, reaching $0.4489. This uptick follows the rally in the broader cryptocurrency market, with Bitcoin currently trading at $102,883.

Dogecoin's Bullish Momentum

Despite a slight dip from its intraday high of $0.4608, DOGE remains above its crucial support level. The market has experienced a liquidation of $28.65 million in DOGE during this period, as reported by Coinglass.

Analysts believe that if DOGE maintains a price above $0.40, it could trigger a bull run. The meme coin has shown strong support at the 88% level since the beginning of the year. Elon Musk's recent appointment to lead the Department of Government Efficiency has further boosted sentiment.

Technical Analysis

DOGE's four-hour price chart indicates an upward trend. If this momentum persists, it could push the coin to a new trading high. A break above the $0.48 barrier could potentially lead to gains beyond $0.50.

Conversely, if DOGE fails to hold its support, it could test the nearby $0.40 level or face a steeper correction down to $0.36.

Technical indicators such as the MACD and CMF suggest an incoming uptrend and positive money flow. The RSI is in the neutral zone, while the 9-day moving average remains above the 21-day moving average, indicating short-term bullishness.

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