The crypto market is on an uptrend, with Dogecoin leading the charge toward recovery. The largest memecoin in the market is seeing significant growth, thereby attracting the attention of investors around the world.

At present, Dogecoin makes up 50% of the entire memecoin market, which currently stands at a formidable $68 billion. Dogecoin is trading at $0.22777 today and has surged 4.18% over the last day while posting a $2.14 billion daily trade volume and a $34.12 billion market capitalization.

Technical Indicators Support Dogecoin Bullishness

Analysts from the data firm Santiment have reported that large investors and institutions have bought up almost $1 billion worth of Dogecoin. This accumulation trend indicates that major investors are increasingly bullish on Dogecoin.

Notable crypto analyst Ali Charts shared his observations about the mounting bullish wave in the Dogecoin market. Also, he highlighted that indicators might indicate that Dogecoin is ready to launch a notable rally.

Dogecoin Price Surges Amid Bullish Crypto Market Reversal

Analysis of technical charts is backing up the rising optimism among investors. The 50-day moving average is close to crossing above the 200-day moving average, a bullish pattern that often precedes a significant boost in the asset’s value over time.

However, the Relative Strength Index (RSI) has been steady above its neutral level, recently indicating a possible extension of the rally.

DOGE Eyes Break Above Resistance Zone

Analysts predict that DOGE is likely to challenge its near-term resistance level around $0.243 if the bullish momentum continues. If the optimism around Dogecoin builds up, it could potentially reach a high not seen in several months by the end of this month.

Traders should exercise caution in case bears regain momentum. Should the market shift bearish, Dogecoin is likely to fall back to its major support around $0.20. A strong downturn may cause DOGE to fall below the levels seen in May this month.

Dogecoin Price Surges Amid Bullish Crypto Market Reversal

DOGE has emerged as the clear leader among memecoins, attracting increased attention from wealthy individuals and industry experts. As such, the coin appears poised to surpass its former peaks. This is an opportunity for investors to either buy or hold their positions as the coming week is set to be crucial.