Dogecoin price makes a comeback with 41% surge in transaction volume

This week, Dogecoin, the original memecoin, experienced a price surge, surpassing both its 50-day ($0.16520) and 200-day ($0.16858) Exponential Moving Averages (EMAs) on the 4-hour chart. Experts anticipate further bullish momentum for Dogecoin, aligning with the anticipated altcoin season.

Santiment data reveals increased network engagement and transactional activity for DOGE. This heightened interest is evident in a 41% increase in large transaction volume and a 34% surge in daily active addresses.

According to CoinMarketCap, Dogecoin (DOGE) currently trades at $0.17377, exhibiting mild bearishness with a 2.83% intraday drawdown. Its market capitalization stands at $25.88 billion, and its 24-hour trading volume reached $1.68 billion.

Will Dogecoin Price Break Above $0.20?

Over the past five days, DOGE displayed strong bullish momentum on the 4-hour chart. A 22% increase propelled the price from $0.14221 to $0.18587, breaking above both the 50-day and 200-day EMAs.

Source: Tradingview

DOGE is currently forming a bullish pattern, attempting to maintain a price above $0.16858. This suggests strong buyer activity and a potential rebound. The price appears to be under bullish control, with any short-term selling likely absorbed near the 200-EMA support level.

The recent Dogecoin rally appears sustainable, underpinned by high trading volume. As long as DOGE remains above $0.16858, bullish momentum is expected to continue, minimizing downside risk.

Resistance lies between $0.185 and $0.195. A break above $0.185 could initiate the next leg of the rally.