• Dogecoin price broke out above an ascending parallel channel amid strong bullishness.
  • DOGE could make a 15% climb to the $0.1 level amid rising momentum and strong presence by the bulls.
  • The $0.09083 roadblock is critical for the meme coin’s upside potential marking a make or break transition.
  • A decisive candlestick close below the $0.07889 midline would invalidate the current bullish outlook.

Dogecoin (DOGE) price is trading with a bullish bias, not only showing a broader market bullishness but also a newly found flow of capital into the meme coin market, with CoinMarketCap data showing meme coins are rallying on the seven-day timeframe.

Also Read: Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit

Dogecoin price leads meme coin rally

Dogecoin (DOGE) price is up 15% in the last 24 hours to trade for $0.08933 as of 9:50 PM GMT. Alongside it, Shiba Inu (SHIB) is up 10% while Pepe coin (PEPE) and Floki Inu (FLOKI) are up 30% and 15% respectively.

As capital flows into meme coins, Dogecoin price broke out above the upper boundary of an ascending parallel channel to test the midline of a supply barrier extending from $0.08754 to $0.09432 at $0.09083.

For the largest meme coin by market capitalization to realize its upside potential and reach of the $0.10000, Dogecoin price must overcome this roadblock and flip it to a support level. A decisive break and close above this level would clear the skies for a continuation north, bringing the forecasted target into focus.

Increased buying pressure above current levels could see Dogecoin price flip the supply zone to a bullish breaker, closing above the $0.09500 level before a run up to the $0.01000 psychological level. Such a move would constitute a 10% climb above current levels.

DOGE/USDT 1-day chart

On-chain metrics to support Dogecoin price bullish outlook

On-chain data from IntoTheBlock’s Global In/Out of the Money (GIOM) metric supports the bullish thesis, showing Dogecoin price enjoys more robust support downward than overhead pressure. As indicated, any efforts to push the price south would be countered by buying pressure from 335,940 addresses that had previously purchased approximately 18.08 billion DOGE tokens at an average price of $0.085196.  

The data also indicates that at current rates, 86.29% of DOGE holders are sitting on unrealized profit (in the money) while 10.53 holders sit on unrealized losses (out of the money). Meanwhile, around 3.18% are breaking even (At the money).

With more holders in the profit, the effective selling pressure on Dogecoin price will remain lower than the overall selling pressure as investors look to ride the broader market rally.


Furthermore, Santiment data shows notable spikes in the number of active addresses on 24-hour as well as 30-day timeframes. This shows the number of unique addresses involved in DOGE transactions and therefore crowd interaction is rising. This element could bode well for Dogecoin price.

DOGE Santiment: Active addresses

Conversely, if selling pressure increases to overpower buyer momentum, Dogecoin price could fall back into the fold of the ascending channel under $0.08500, or worse extend the fall to lose the support due its midline at $0.07889.

A break and close below the midline of this supply zone extending from $0.07687 to $0.08039 would confirm the continuation of the slump, with Dogecoin price likely to spiral to $0.07223, or in the dire case, extend a leg down to find support at $0.06756. Such a move would constitute a 25% fall below current levels.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis