Dogecoin Price Analysis: Can DOGE Break $0.2 Resistance Before May Ends?

Dogecoin Price Analysis: DOGE Breaks Resistance, Eyes 35% Rally

The fourth week of May commenced with a surge in the altcoin market, fueled by Ethereum's price rally to $3700. Over the past 24 hours, ETH has surged by 18.8%, possibly due to anticipation surrounding the launch of the first spot Ethereum ETF. Among the altcoins, the canine memecoin DOGE has exhibited remarkable growth, breaching a key resistance level and ending a seven-week correction, signaling a potential shift in market dynamics.

DOGE Breaks Resistance Amid Market Recovery, Eyes 35% Rally

Following a prolonged downtrend, the DOGE price has finally surpassed the overhead resistance trendline after facing multiple bearish reversals. The bullish resurgence of the meme coin coincides with the broader market recovery, as the Bitcoin price has breached the $71,000 barrier.

Over the last 24 hours, the meme coin has appreciated by 9.7%, currently trading at $0.164. This marks two consecutive bullish candles exceeding the resistance trendline, challenging the critical horizontal resistance at $0.17.

With the broader market recovery continuing and anticipation for the Ethereum ETF approval growing, the DOGE coin is poised to extend its bullish momentum. A breakout of the horizontal resistance at $0.17 could propel the DOGE price to its previous peak of $0.228, representing a potential 35% rally.