By the time a breakout hits a holder's feed, they're probably already late

The recent Dogecoin (DOGE) price breakout has pushed the meme coin to the brink of the $0.20 mark, generating frantic entries among latecomers. However, by the time the breakout hit a holder’s feed, they’re probably already late.

Dogecoin (DOGE) price has shot up 42% in the past week as its breakout finally hit major outposts. On-chain data highlights a 117% spike in trading volume and huge whale transactions.

But most of the move has already happened, leaving latecomers scrambling for entries. The rally also comes as social mentions of DOGE surged fivefold.

Dogecoin price analysis: Can the rally continue towards $0.20?

On-chain data from CryptoQuant shows that large trades on Binance, broadly defined as those above 10 BTC, spiked on June 7, coinciding with the ramp in the DOGE price.

Further, on-chain data from Glassnode reveals that both exchange and total coin balances have been largely stable over the past week, suggesting that the price action was mainly driven by derivatives activity and not necessarily spot traders shifting their holdings.

Technical resistance is now tightly packed between $0.17 and $0.18, an area that has been met with selling pressure since December 2022. The next round psychological barrier is at $0.20, a level last seen in August 2021.

While analysts remain mixed on the sustainability of the current rally, a breakout above the $0.17-$0.18 zone could extend the rally if volume remains elevated.

If the bears manage to push the price below the 200-week Simple Moving Average (SMA) at $0.13, then it could open the door for further weakness.

Dogecoin price is currently trading at $0.167, up 416% over the year.

If the bulls can break above the 200-week SMA and sustain gains above the $0.18-$0.17 zone, then it could set the stage for a fresh bull market in DOGE.

However, if the bears manage to push the price below the 200-week SMA and sustain gains below the $0.13 zone, then it could signal the beginning of a new bear market.

Ultimately, the fate of Dogecoin price will depend on the balance of supply and demand. If there is more demand for DOGE than supply, then the price will continue to rise.

However, if there is more supply of DOGE than demand, then the price will fall. Technical analysis can help to identify levels of interest and anticipate shifts in market structure.

Still, it’s important to use multiple indicators and time frames to confirm trends and avoid false signals.

Dogecoin price remains in overbought territory on both 14-day Relative Strength Index (RSI) and Chaikin Money Flow (CMF).

A short-term pullback could test the 212-week double-bottom breakout at $0.000009212, which remains valid.

On-chain data shows that PEPE’s 180% year-to-day price performance came with over $3.2 billion in 24-hour trading volume and record-breaking futures open interest exceeding $662 million.

However, technical indicators now flash caution.

PEPE’s RSI has spiked to 84, signaling overbought territory. A sustained move above this level could foreshadow a deep correction.

Moreover, despite the impressive rally, both exchange and total coin balances remain largely stable, suggesting that the price action was mainly driven by derivatives activity and not necessarily spot traders shifting their holdings.

This suggests that the current rally could be slowing down as traders take some profits.

PEPE price could pullback to retest 212-week double-bottom breakout

On-chain data highlights that 127.47 billion PEPE tokens were passively burned during Q1 2024 through the EIP-1559 fee burning mechanism.

This huge volume is equal to 12.7% of the total PEPE supply, which underscores the significant on-chain activity and community engagement surrounding the meme coin.

PEPE’s price performance in 2023 is remarkable, especially considering it began the year at $0.00000182 on December 31, 2022.

This price surge also came with increased trading volumes, with 24-hour trading volume spiking above $3.2 billion on June 12, the highest level since January 2024.

This huge trading volume signals intense interest in PEPE among traders.

This rally also came with record-breaking futures open interest exceeding $662