Dogecoin (DOGE), the biggest meme crypto, has been dealing with intense selling pressure with stagnant price movement. However, the recent DOGE price surge has signaled some promising signs of a potential bullish breakout.

Dogecoin gearing up to hit $0.2

According to market analyst Ali Martinez, Dogecoin could be gearing up to retest its highest price level of $0.2 in over a month. He shared a chart indicating DOGE’s breakout from a Descending Triangle pattern. However, it has seen multiple confirmations. 

Despite facing major retracement, it is expected that this correction might set the stage for DOGE to challenge the $0.2 resistance level. Martinez stated that that history doesn’t always repeat, it often rhymes, hinting at a potential upward trend.

Dogecoin price is now up by 88% on the year to date (YTD) basis. DOGE price has jumped by almost 100% in the last 90 days. The crypto is trading at an average price of $0.16, at the press time. Its 24 hour trading volume is up by 283% to stand at $2.9 billion.

The $0.2 price mark shows formidable resistance for Dogecoin. Historically, short-term selling pressure builds around this range. It creates a drawdown that has persisted for over four weeks. However, the current market sentiment is bullish and it suggests that the biggest meme crypto could sustain this momentum.

How can it happen?

Regaining the $0.2 target would require DOGE to appreciate by an additional 17% from its current price. This is plausible given the recent increase in whale transactions, which introduces a supply crunch that could drive prices higher.

The anticipated approval of a spot Ethereum ETF this week is another factor likely to boost Dogecoin’s price, along with other meme coins. The broader crypto market is experiencing a resurgence, with the global market capitalization reaching $2.75 trillion, as reported by CoinGecko. 

Major cryptos like Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Avalanche (AVAX) have surged to multi-month highs, fueled by optimism surrounding the potential SEC approval of Ethereum ETFs.

Meme coins, including Dogecoin, Shiba Inu (SHIB), Pepe (PEPE), and Bonk Inu (BONK), have also seen significant gains. Dogecoin, the leading asset in this category, has risen 8% daily, surpassing the $0.16 mark. Its market capitalization briefly touched $24 billion before settling at $23.6 billion.