Dogecoin price hovered at a key level on Saturday morning.

What Happened: Dogecoin had seen huge gains in recent times. It shot up over 5.69% in the past 24 hours and was priced at $0.1847 at press time.

The meme coin now trades at no.8 on CoinGecko. It had a market cap of $27.44 billion and a 24-hour trading volume of $1.58 billion, marking a staggering 123.45% increase.

Dogecoin was testing a multi-resistance area, as noted by multiple technical analysis experts. The price was trying to break above a downward trendline, which had acted as resistance for several months—level: $0.180 to $0.190.

If it manages to break through above this resistance, then some analysts believe that it could double in price from here. This would take DOGE to around $0.34 in the near term, considering technical patterns and previous market behavior.

One analyst, Trader Tardigrade, pointed out that Dogecoin’s current price action is similar to past cycles. The patterns are similar to those seen during the 2017 and 2021 bull runs.

#Dogecoin is following the previous cycle 🔥$Doge pic.twitter.com/x6DjqdJZUK

— Trader Tardigrade (@TATrader_Alan) March 24, 2025

The RSI has shown a breakout, according to some traders. This technical indicator suggests that Dogecoin has gained strong momentum recently.

Historically, Dogecoin has seen such surges, which are usually followed by a large price increase after a long period of price stagnation.

On Saturday, the Dogecoin Foundation announced its “Official Dogecoin Reserve” initiative to enhance stability and attract institutional interest in the cryptocurrency.

The foundation purchased an initial batch of 10 million DOGE coins. This move is targeting the persistent volatility that has long been a point of focus for Dogecoin.

Dogecoin Price Action: Dogecoin is currently trading at $0.1847, showing a 5.69% increase in the past 24 hours.