Dogecoin price has established a solid support of around $0.077 that could lead to a major reversal in the near term.
The top meme coin has retained notable market dominance throughout the crypto bear market, thus signaling more gains ahead.
The inevitable DOGE price breakout is bolstered by the notable support from tech billionaire Elon Musk and his family of companies.
Dogecoin (DOGE), the largest and oldest meme coin secured through a proof-of-work (PoW) consensus mechanism, has signaled a bullish outlook in the near term as Bitcoin (BTC) crossed $50,000 for the first time in 24 months. According to the latest market data, Dogecoin’s price gained about 3 percent in the past 24 hours to trade around $0.083 on Tuesday during the early London session.
Why Bet on DOGE Now
The mid-cap altcoin – with a fully diluted valuation (FDV) of $12 billion and a 24-hour trading volume of about $400 million – has been preparing for an inevitable bullish breakout in the near term. Moreover, Dogecoin price has been trapped in a macro bear market consolidation for over two years and has undeniably accumulated significant buyers from retail and institutional investors.
As of this report, the Dogecoin network had about 6.9 million non-zero addresses, thus helping increase its liquidity. Worth noting that Tesla CEO Elon Musk has given Dogecoin notable real-world utility, including payment integration and the upcoming DOGE-1 mission to the moon with SpaceX.
Dogecoin Price Analysis and Short-Term Expectations
From a technical standpoint, famous crypto analyst Captain Faibik expects the Dogecoin price to break out soon as bullish pressure increases. The crypto analyst highlighted that the Elon Musk-backed meme coin is on the precipice of a symmetrical triangle breakout that could lead to a 30 percent rally toward 10 cents. For the Dogecoin price to establish a rising trend, the meme coin has to consistently close above the 200 weekly Moving Average (MA).