Dogecoin Price Makes Bullish Breakout Amid Meme Coin Resurgence

The Dogecoin price experienced a strong bullish breakout as investors flocked back to meme coins and as Bitcoin surged past $68,000.

Dogecoin, the largest meme coin, rose to $0.1283, marking its highest level since September 29. It has entered a bull market, rising by 56% from its lowest point in August.

DOGE’s rally occurred in a high-volume environment. Data indicates it had a 24-hour volume of $2.25 billion, the highest level in over two weeks.

A similar trend was observed in the futures market, where open interest rose to over $768 million, the highest level since June 19. Higher open interest often signifies increasing demand for a cryptocurrency.

Dogecoin Futures Open Interest

Dogecoin’s surge mirrored other meme coins, which have also performed well recently. Bonk jumped by 14.2% in the last seven days, while Brett, Neiro, and Cat in a Dog’s World have soared by over 20% during the same period.

This surge also coincided with renewed interest in cryptocurrencies. Bitcoin crossed the crucial resistance point at $68,000 for the first time in weeks. Moreover, investors are increasingly moving to Bitcoin, with spot ETFs recording $371 million in inflows on October 16. These funds have had a net inflow of over $19.7 billion since January.

Market Predictions and Influences

Meanwhile, Dogecoin’s price rose amid predictions that Tesla might buy DOGE after moving Bitcoins worth $225 million to unknown wallets. Elon Musk has previously touted Dogecoin, suggesting this could be a possibility.

Dogecoin Nears Key Resistance

DOGE has risen for three consecutive days and is hovering at its highest point since September 30. It has jumped above the 50-day and 200-day Weighted Moving Averages, raising the possibility of forming a golden cross pattern. Dogecoin soared by over 53% the last time it formed this cross in November.

Dogecoin has also jumped above the ascending trendline, which connects the lowest swings since August.

If the DOGE token rises above the key resistance point at $0.1318, its highest point on September 28, it will confirm more gains. A move above that level will indicate further increases, with the next reference level at $0.1440, its highest point on June 21.

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