Dogecoin (DOGE) has finally broken through the key $0.12 resistance level, marking a significant milestone in its surge to catch up with the broader cryptocurrency market rally. After weeks of struggling below this key supply zone, DOGE made a powerful move higher, sparking optimism among analysts and investors alike.

Many investors believe that this breakout could signal the beginning of a more sustained rally in the meme coin’s price.

Top analyst Daan recently shared key insights, pointing to a bullish outlook for Dogecoin in the coming weeks. According to his analysis, a breakout from $0.12 opens the door for DOGE to take advantage of the current market dynamics.

As Bitcoin and other major altcoins continue to gain strength, Dogecoin investors are closely watching for confirmation of bullish continuation, hoping for further upside potential.

As the market climbs higher and Dogecoin breaks free from its past struggles, many expect the meme coin to post impressive gains in the near future.

Dogecoin is making moves

Since Monday, Dogecoin has surged over 33% and is currently holding above the previous resistance level, maintaining bullish price action. This growth has sparked optimism among analysts and investors as overall market sentiment remains positive, with many believing Dogecoin is poised for further gains in the coming weeks.

The best analyst and investor Daan shared technical analysis on Xhighlighting the importance of the recent DOGE breakthrough. According to Daan, Dogecoin successfully broke through the key $0.12 horizontal level and the Daily 200 moving average (MA).

He noted that this breakout signals “pretty clear skies” for the meme coin as there is little resistance above that point. However, he also emphasized that $0.12 remains a key level, providing a invalidation point if the price falls below that level.

Despite the impressive performance of other meme coins on the market, Dogecoin has lagged in recent months. However, following this breakout, many believe that DOGE is finally catching up, and the coming weeks could see an even more significant surge in the popularity of the popular cryptocurrency.

As market conditions remain favorable, all eyes are on Dogecoin to see if it can continue to build on this momentum and pursue higher price levels.

DOGE price action

Dogecoin is currently trading at $0.14 after a 4% pullback from its recent high of $0.147. This rally pushed DOGE above both the 200-day moving average (MA) and exponential moving average (EMA), confirming the bullish outlook for the meme coin in the coming weeks.

Analysts and investors are positive that Dogecoin will continue its growth, driven by positive market sentiment.

However, there is a risk that DOGE could face downward pressure if it fails to hold above the key $0.129 level, which coincides with the 200-day MA.

A drop below this level could lead to a deeper pullback, testing the strength of the recent rally. As market conditions remain volatile, the coming week will be crucial in determining whether DOGE can maintain its upward trend or enter a period of consolidation or further correction.

Traders are keeping a close eye on this support level as a successful hold above $0.129 would likely mean greater upside potential, while a break below this level could dampen the current bullish sentiment. All eyes are on Dogecoin to see how it will perform in the critical days ahead.

Featured image from Dall-E, chart from TradingView