Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) was among the best-performing cryptocurrencies on Monday, aligning with the broader market's upward movement.

What Happened: The world's largest meme coin beat blue-chip coins Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in 24-hour gains and also saw a 123% increase in trading volume to $1.5 billion.

The buying pressure was reflected in the 41% spike in large transactions valued over $100,000 over the last 24 hours, while the daily active address count shot up by 34%, according to blockchain analytics platform IntoTheBlock.

This spike invited bullish predictions by noted cryptocurrency analysts. Widely followed cryptocurrency market commentator Ali Martinez noted Dogecoin's attempts at breaking out a triangle pattern, which can result in a 16% upswing.

#Dogecoin $DOGE is breaking out of a triangle, which can result in a 16% upswing!

The cryptocurrency is now testing the lower edge of the triangle, which provides a good entry point if the breakout occurs. A breakout point is at $0.175 and a resistance level is at $0.19.

The cryptocurrency is trading at $0.18, having fallen 43% year-to-date.Earlier, Kevin, introduced as 'Dogecoin Lead Analyst' on X (formerly Twitter), highlighted that the bullish narrative about Dogecoin depends on Bitcoin holding its current levels and not dropping below $70,000.

Kevin also emphasized the significance of $0.139 as support, describing it as a spot where the risk-reward ratio is "absolutely phenomenal."

"If I were ever looking to properly allocate into DOGE then I would definitely take advantage of this spot from a trade perspective," the analyst stated.

My #Dogecoin Community it is about that time where I must provide you the Alpha you all desire. If we take a look at #DOGE on the weekly time frame we can see that we received a weekly demand candle last week at the "Last line of bull market support" that I pointed out a couple…

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Buy" signal for DOGE, according to TradingView. Conversely, the Bull Bear Power indicator, measuring the strength of buyers and sellers, flashed "Sell."The meme coin's positive price action was also influenced by the creation of a new Dogecoin reserve, established to advance the cryptocurrency’s use in real-world payments.

See Also: How A New Dogecoin Reserve Is Aiming To Further The Meme Coin's Use In Real-World Payments

Dogecoin Price Action: At the time of writing, DOGE was exchanging hands at $0.1838, up 5.24% over the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has tumbled 43%.