Dogecoin (DOGE) Price Makes Strong Bullish Breakout as Meme Coins Return to Favor

Dogecoin (DOGE), the biggest meme coin, rose to $0.1283, its highest level since Sept. 29. It has moved into a bull market after rising by 56% from its lowest point in August.

Dogecoin (CRYPTO: DOGE) price made a strong bullish breakout on Monday as investors moved back to meme coins and as Bitcoin crossed the $68,000 level for the first time in weeks.

After rising by 56% from its lowest point in August, the biggest meme coin rose to $0.1283, its highest level since Sept. 29.

Dogecoin price soared in high volume. According to data from CoinGecko, it had a 24-hour volume of $2.25 billion, the highest level in over two weeks.

A similar trend was seen in the futures market, where open interest rose to over $768 million, the highest level since June 19. Rising open interest is usually a sign of increasing demand for a cryptocurrency.

Dogecoin price surged as other meme coins, such as Bonk (BONK), also performed well in the past few weeks, rising by 14.2% in the last seven days, while Brett, Neiro, and Cat in a Dog’s World soared by over 20% in the same period.

The surge also occurred as interest in cryptocurrencies bounced back, with Bitcoin crossing the key resistance point at $68,000 for the first time in weeks.

Additionally, investors are moving to Bitcoin, with spot ETFs recording $371 million in inflows on Oct. 16. These funds have now had a net inflow of over $19.7 billion since January.

Meanwhile, Dogecoin price rose as some analysts predicted that Tesla (NASDAQ:TSLA) was about to buy DOGE after moving Bitcoins worth $225 million to unknown wallets. Elon Musk has touted Dogecoin in the past, making this a possibility.

Dogecoin nears key resistance

After rising for three consecutive days, DOGE price is trading at its highest point since Sept. 30.

It has jumped above the 50-day and 200-day Weighted Moving Averages, raising the possibility that it will form a golden cross pattern. The last time Dogecoin formed this cross was in November, and it soared by over 53%.

Dogecoin has also jumped above the ascending trendline, which connects the lowest swings since August.

Therefore, more gains will be confirmed if the DOGE token rises above the key resistance point at $0.1318, its highest point on Sept. 28. A move above that level will indicate more gains, with the next reference level at $0.1440, its highest level on June 21.

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