Dogecoin ($DOGE ) has reclaimed its leading position in the meme coin race.

Dogecoin ($DOGE) is making headlines again with a strong recovery, having risen 41% in price over the past few days. The question now is: Can $DOGE reclaim its status as the top meme coin, or will it face fierce competition from rivals like $PEPE?

$DOGE's wild price fluctuations during the last bull market:

During the last bull market, $DOGE's price skyrocketed by an astonishing 1240%, becoming the center of attention. However, it ultimately entered a steep downward trend, losing almost all of its gains by mid-2022. In the current market, $DOGE rose to $0.22 before retreating to $0.08. Now, it has broken through the downward trend line, signaling a potential return to bullish territory.

Short-term outlook for $DOGE :

The 4-hour chart shows a clear breakout for $DOGE, with price forming higher highs and higher lows, indicating bullish momentum. However, caution is advised as the stochastic relative strength index on the 4-hour timeframe begins to point downwards. This could suggest that a correction is imminent, potentially pushing the price back to the 0.236 Fibonacci level, which is $0.133, or the 0.382 level, which is $0.123.

Long-term outlook for $DOGE:

On the weekly chart, although $DOGE has made impressive progress, it still has a long way to go before approaching its all-time high. However, a solid price foundation has already been established below current levels, potentially providing strong support for future upward movements. If $DOGE can break through its immediate resistance, it may pave the way for new local highs and continued growth for the remainder of this bull market.

$PEPE watches for potential breakouts:

Meanwhile, $PEPE is trading sideways, but a breakout may be imminent. The price is moving within a triangular pattern, and breaking above $0.00001314 could confirm a trend reversal, paving the way for a bullish trend.