Dogecoin (DOGE) surged 6.2% from $0.197 to $0.209 within 24 hours, peaking at $0.22 amid explosive trading volume. At 21:00 UTC, volume spiked to 1.22 billion tokens – nearly triple the daily average – marking the highest activity since March. This propelled DOGE past TRX to become the eighth-largest cryptocurrency with a $30 billion market cap.
Technical analysis reveals a double bottom formation on the two-week chart and an eight-week cup-and-handle pattern on the four-hour timeframe. The RSI at 58 indicates buyer strength, while the MACD nears a golden cross. A successful breakout could trigger a 36% rally to $0.278. Simultaneously, DOGE is testing a critical seven-month downtrend resistance; a confirmed weekly close above this line may fuel a 250% surge toward $0.50.
Market conditions suggest impending altcoin season, with USDT dominance flashing reversal signals. Institutional volume clusters between 14:00-21:00 UTC supported the move, while $0.207-$0.208 emerged as strong support. Selling pressure at $0.22 caused a brief rejection, but the breakout above $0.201 was validated by triple-volume confirmation. Analysts note parallels to October's 600% rally following a similar breakout pattern.