Dogecoin Zooms 5% Amid Broader Market Rally—Analyst Flags Level Where Risk-Reward Ratio Is 'Absolutely Phenomenal'

Popular dog-themed cryptocurrency Dogecoin DOGE/USD rallied 5% Monday, aligning with the broader market's upward movement.

What happened: The world's largest meme coin by market capitalization beat blue-chip coins Bitcoin BTC/USD and Ethereum ETH/USD in 24-hour gains

The buying pressure was reflected in the 123% increase in trading volume to $1.5 billion.

Moreover, large transactions valued over $100,000 spiked 41% over the last 24 hours, while the daily active address count shot up by 34%, according to IntoTheBlock.

The spike invited bullish predictions by noted cryptocurrency analysts.

Widely followed cryptocurrency market commentator Ali Martinez noted Dogecoin's attempts at breaking out a triangle pattern, potentially leading to a 16% upside.

#Dogecoin $DOGE is breaking out of a triangle, which can result in a 16% upswing! pic.twitter.com/25flXRvfcQ
— Ali (@ali_charts) March 24, 2025

Earlier, Kevin, introduced as ‘Dogecoin Lead Analyst' on X, emphasized that the bullish narrative about Dogecoin depends on Bitcoin BTC/USD holding its current levels and not dropping below $70,000.

Kevin also highlights the significance of $0.139 as support, describing it as a spot where the risk-reward ratio is "absolutely phenomenal."

"If I were ever looking to properly allocate into DOGE then I would definitely take advantage of this spot from a trade perspective," the analyst remarked.

My #Dogecoin Community it is about that time where I must provide you the Alpha you all desire. If we take a look at #DOGE on the weekly time frame we can see that we received a weekly demand candle last week at the "Last line of bull market support" that I pointed out a couple… pic.twitter.com/VfjJ56I6KS
— Kevin (@Kev_Capital_TA) March 22, 2025

Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Buy" signal for DOGE, according to TradingView.

Conversely, the Bull Bear Power indicator, measuring the strength of buyers and sellers, flashed "Sell."

The meme coin's positive price action was also influenced by the creation of a new Dogecoin reserve, established to advance the cryptocurrency’s use in real-world payments.

Price Action: At the time of writing, DOGE was exchanging hands at $0.1838, up 5.24% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has tumbled 43%.

Image via Shutterstock

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