Dogecoin (CRYPTO: DOGE) maintained its healthy momentum Thursday morning, following Bitcoin's (BTC) record-breaking rally, which ultimately helped bolster the entire cryptocurrency market.

What Happened: The dog-themed token sailed to an intraday high of $0.2433 late Wednesday night before experiencing a minor pullback. DOGE's trading volume also popped 55% to over $3 billion, making it one of the most traded cryptocurrencies in the last 24 hours.

As spotted by widely followed cryptocurrency analyst and trader Ali Martinez, DOGE broke out of a bull pennant formation, which could suggest a price target of $0.31.

A bullish pennant is a continuation chart pattern, which indicates the resumption of an uptrend after a pause or consolidation period.

The token's derivatives market also exploded, with Open Interest in DOGE futures and options rising 58% to $3 billion in the last 24 hours, according to data from Coinglass. More than 71% of all Binance traders with open DOGE positions also bet on the meme coin's price increase.

Moving averages, both exponential and simple, flashed "Buy" signals for DOGE as of Thursday morning, according to TradingView. The Moving Average Convergence Divergence momentum indicator, which compares two exponential moving averages of price, also painted a bullish outlook.

However, the Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral" as of Thursday morning.

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Dogecoin Price Action: According to Benzinga Pro, DOGE was exchanging hands at $0.2422, up 6.96% over the last 24 hours. Year-to-date, the coin has lost 22.6% of its value.