Dogecoin [DOGE] clocked a 32.25% spike in volume as it rose 5%, now approaching the key $0.20 resistance.

This price action is drawing attention with traders anticipating a breakout. A strong push above $0.20 could ignite a rally, while failure to hold this level might trigger a pullback.

Back in 2017, DOGE experienced a 115-day pause between two explosive pumps, ultimately surging 112% by year-end.

Now, with the pause stretching to 119 days, the RSI is mirroring that same “extremely” oversold condition, signaling the potential for a strong repeat rally.

(Source: TradingView (DOGE/USDT))

Notably, the DOGE/BTC pair has been in a slump for over a week, but the MACD has flipped bullish. Investors are likely leaning into the “high-risk, high-reward” appeal of memecoins, with DOGE’s 5% surge validating this shift.

Volume soared by 65.87% to reach $1.35 billion, and bulls are visibly accumulating on the dip, suggesting that selling pressure might be running out of steam.

Will DOGE sustain this trend in the long run?

For memecoins like DOGE, social volume plays a crucial role, with price movements often linked to “hype”.

However, despite the memecoin's consolidation, oversold RSI, and bullish historical trends, its Weighted Sentiment has taken a turn for the worse.

(Source: Santiment)

At the time of writing, the memecoin was trading 64% below its post-election peak of $0.48, and there was minimal FOMO in the market.

Over the past eight years, the memecoin space has become crowded, making it harder for DOGE to foster the same community-driven excitement that fueled past rallies.

The lack of FOMO and minimal whale accumulation at current prices raises doubts about a 2017-style parabolic rise without significant market shifts.

Still, the DOGE/BTC pair is showing bullish signs, and rising volume is an indicator for short-term price action.

Currently, DOGE appears more suited for speculative quick gains rather than long-term growth prospects.