Dogecoin Surges to Match Bitcoin but Big Breakout Still Awaits

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<a href="https://minority-mindset.com/doge-usd/">Dogecoin</a> Matches <a href="https://zarusd.com/btc-usd/">Bitcoin</a>‘s Growth, But Big Breakout Still Uncertain

Dogecoin, often referred to as the “meme coin,” is demonstrating potential as it mirrors Bitcoin’s performance in terms of price surge. As per data from CoinMarketCap, Dogecoin has experienced a notable jump of over 7% in its price, coinciding with Bitcoin’s 4% rise.

Major resistance levels still in sight for DOGE

Over the past day, Dogecoin has surpassed Bitcoin in performance, likely fueled by public enthusiasm and market fluctuations. Additionally, the upward trend in Bitcoin might have played a role in the impressive rise seen in the popular meme currency.

Dogecoin bounced back from a low of $0.2234, fueled by the strength of its ecosystem, and has since reached its current value. At the moment of writing, Dogecoin is being traded at $0.2439, marking a 7.63% rise during this timeframe.

Despite the Securities and Exchange Commission (SEC) postponing their decision regarding exchange-traded funds (ETFs), investor enthusiasm remains undiminished.

The trading volume of Dogecoin has increased significantly by approximately 57.95%, reaching a staggering $3.18 billion. This surge indicates that investors have high hopes for its future expansion, potentially boosting the meme currency towards even greater heights.

Yet, it’s not clear if this ongoing surge in DOGE’s price will lead to the significant leap it appears to be aiming for.

Significantly, Dogecoin (DOGE) faces multiple resistance points it needs to surmount, such as $0.26, $0.28, and $0.30. To prevent being turned down at any of these price thresholds, the meme currency should manage its volatility effectively and maintain its current positive trend.

Breakout possible, but not guaranteed

In simpler terms, it seems like the Dogecoin system could benefit from additional support to maintain its current upward trend and avoid a potential reversal. By increasing the amount of trading activity (volume), we might be able to establish a more stable price, which could catch the eye of new investors.

This week, Dogecoin has shown a degree of stability in terms of trading volume, potentially contributing to its recent price surge. Known as the “meme coin,” it kicked off the week with a 95% boost in trading activity and seems intent on ending it strong.

If the meme coin’s value is following Bitcoin’s trend, then a decrease in Bitcoin’s price might have a negative effect on the meme coin’s prospects.

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2025-05-22 14:00