Traders are closely watching $0.24—Dogecoin's price prediction suggests that this breakout will trigger the next significant volatility for this meme coin.
Traders are closely watching the resistance level at $0.24, as a breakthrough at this level would strengthen the bullish forecast for Dogecoin's price and could trigger a significant rebound.
In the past 30 days, the price of top meme coins has risen by over 11%, outperforming major competitors like Shiba Inu (SHIB) and Pepe (PEPE) during the same period.
Although Dogecoin's dominance has declined from around 50% to 46% with the surge in value of new coins like Pudgy Penguins (PENGU) and Solana-based meme coins, its market cap still leads its closest competitor SHIB by $25 billion.
This gap solidifies Dogecoin's position as the number one meme coin—if the bulls can break through $0.24, it could become the catalyst for the next massive volatility.
Famous cryptocurrency trader Ali Martinez recently shared a bullish forecast for Dogecoin's price, predicting that the token will rise to $0.70 in the short term.
Martinez emphasized the need to focus on the key resistance level at $0.36; if this level is broken, it will trigger a strong rebound to levels not seen in nearly four years.
Dogecoin Technical Analysis: Dogecoin is about to experience its largest rebound yet.
Dogecoin (DOGE) has dropped by 3.4% in the past 24 hours, but given its trading volume of $2.2 billion, the selling pressure seems minimal. This looks more like a healthy pullback, accumulating liquidity for the next round of significant upward movement for this top meme coin.
The daily chart shows a decisive breakout from the descending channel formed after the peak in November to December 2024.
DOGE currently looks set to retest the recent highs near $0.48, which suggests a potential doubling from current levels.
The resistance level at $0.49 may cause a short pause before the next upward move.
Here, a bullish breakout would open the door to $1 for the first time, making DOGE the fourth-largest cryptocurrency with a market cap close to $150 billion.
