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

DOGE Surges 4.48% in 24 Hours

Dogecoin (DOGE), the popular meme coin, has experienced a notable surge of 4.48% within the last 24 hours. This upward trend has prompted optimism within the market.

DOGE's current price range remains within the $0.11 mark, with a peak of $0.1146 and a low of $0.1071. At the time of writing, DOGE is trading at $0.1137, exhibiting a daily trading volume increase of 32.16% to $937 million, according to CMC data.

Technical analysis indicates that DOGE has recently broken through the critical $0.111 resistance level, a point where a significant number of addresses hold substantial DOGE tokens. This bullish momentum suggests a potential continuation of the upward trend.

With no major supply barriers ahead, the next target for DOGE could be $0.150. Additionally, the growing adoption of DOGE, fueled by Elon Musk's influence, is likely to contribute to sustained price growth.

DOGE's bullish momentum has been evident over both the past month and week. In the last thirty days, the asset has gained over 8.50%. Notably, the weekly chart displays a 9.21% increase, from $0.1043 to $0.1103.

Technical indicators suggest that DOGE has overcome the bearish trend. Both the 9-day and 21-day moving averages are below the current price momentum. The daily relative strength index (RSI) stands at 69.27, indicating a neutral zone.

At present, DOGE's price has broken past the $0.1140 mark, signaling a potential bull cycle. The next resistance level to watch is $0.1171, a crucial area for bulls. A successful rebound from this level could lead to further recovery, while a drop below could push the price towards the $0.1134 support zone.