Dogecoin DOGE Price: Goes Ballistic, Soaring 100% in Days, Will it Lead the Meme Coins?

Meme coin darling Dogecoin (DOGE) has barked back in dramatic fashion over the last week, more than doubling with price gains exceeding 100%. The Shiba Inu-themed cryptocurrency has vastly outperformed the broader market, as prodigious tailwinds send DOGE rocketing towards critical resistance levels.

TLDR

• Dogecoin (DOGE) price doubles in a few days, surging over 100%
• DOGE outpaces Bitcoin’s gains as bullish momentum builds
• Price clears multiple resistance levels to top out near $0.158 so far
• Further upside targets if rally continues include $0.174, $0.184 and $0.20
• Positive sentiment, whale accumulation and Bitcoin halving anticipation cited as rally drivers

DOGE has tacked on 20% in just the last 24 hours according to market data, pushing its value above $0.16 at the time of writing. The parabolic move builds on the over 84% the meme coin had previously gained within the past week.

The surge has coincided with a broader altcoin season, but DOGE’s velocity has far exceeded top coins Bitcoin and Ethereum. Bullish momentum propelled it through multiple technical levels that had previously capped upside moves.

Having formed a base above $0.08 and its 50-week moving average, Dogecoin prices this week pierced through both a major trendline and the 76.4% Fib line stemming from its 2022 retreat. The clean break above $0.10 represented a critical bullish confirmation and influx of new buyer interest.

DOGE now consolidates below a former swing high from last June around $0.158. Reclaiming that peak would open the door for further frenzy towards $0.174 and even $0.20, representing a 1.618 Fib extension. The Relative Strength Index (RSI) points to growing enthusiasm that could fuel such an extended move.

Driving forces behind the abrupt revival range from positive sentiment regarding the upcoming Bitcoin halving to renewed interest from ‘whales’ – investors holding huge DOGE positions. Addresses with balances between 100,000 DOGE and 1 million DOGE have trended higher since January, pointing to accumulation.

Historical data also backs expectations that Dogecoin tends to outperform into Bitcoin halvings, after surging 200% and 50% leading into the previous two events. DOGE has rallied in lockstep with meme counterparts Shiba Inu, Floki and Bonk across the past month as well in speculative waves.

In the near-term, the $0.158 threshold marks the DOGE bull case’s critical test. A confirmed breakdown below $0.120 support would weaken the outlook and risk declines back towards $0.10. Yet with tailwinds still seeming strong, Dogecoin looks poised to carry onwards to its next resistance battleground.

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