As Dogecoin (DOGE) continues to stamp its authority as the apex meme coin, the altcoin recently made a major milestone after breaking out of a downtrend that started in March this year.
Market analyst Mikybull Crypto pointed out this development after DOGE surged past $0.118.
Renowned market analyst Ali added, “Dogecoin looks strong! DOGE got an RSI and price breakout from multi-month downtrends, and $DOGE also got a buy signal from the SuperTrend indicator.”
Therefore, this is a welcome move for Dogecoin since breaking above this vital downtrend line will trigger bullish momentum as long as the ninth-largest cryptocurrency stays above major support at the $0.105 zone.
Per CoinGecko data, DOGE was hovering at the $0.1099 level at the time of writing.
Based on this analysis, Dogecoin will be primed for a major upward move if it breaches $0.12 and breaks above the 200-day exponential moving average (EMA).
Martinez shared similar sentiments that Dogecoin was primed to hit $0.15 if it surged past the $0.111 resistance since no major supply walls were in sight.
Dogecoin Whales are Igniting the Fire
Dogecoin whales have been on a buying spree, which has played an instrumental role in triggering the present upward momentum.
Reportedly, whales recently purchased 1.4 billion DOGE worth a whopping $140 million, depicting heightened accumulation.
Meanwhile, due to its resilience, Dogecoin is being primed as one of the altcoins set to hit new all-time highs (ATHs).
