Dogecoin DOGE Isolated on white background with clipping path

Dogecoin Price Spikes 2% Amid Broader Crypto Rally, Analyst Flags 'Make-Or-Break Zone' For Memecoin

Dogecoin (CRYPTO: DOGE) capped an otherwise underwhelming week on a high, rallying alongside the broader cryptocurrency market on Sunday.

Dogecoin Pares Losses

The world’s largest meme coin rose 2% in the last 24 hours, in line with other large-cap cryptocurrencies. DOGE's trading volume jumped 41%, suggesting high liquidity and trader interest.

Derivatives traders became excited, with open interest in DOGE futures increasing 1.35% over the last 24 hours to $3.90 billion, according to Coinglass. 

Moreover, about 75% of all Binance traders with open DOGE positions were long as of this writing.

The latest spike erased some of the downsides from last week, when the meme behemoth lost 3.35% of its value. Over the month, DOGE was up 7.06%.

See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH

Upside Or Downside Breakout?

Widely followed cryptocurrency analyst and trader Marcus Corvinus said that DOGE was at the "make-or-break zone."

"Support at $0.23 is holding strong inside the ascending channel. If buyers step in here, I'm looking for a clean retest at 0.28, and if momentum kicks in, the real breakout target sits around $0.43," the analyst predicted.

On the contrary, they forecast that a drop below $0.22 could trigger a decline to $0.17-$0.15.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Sell" signal for DOGE, according to TradingView.

The Stochastic RSI, a technical indicator measuring Relative Strength Index strength, suggested a "Buy."

Price Action: At the time of writing, DOGE was exchanging hands at $0.2318, up 1.99% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy:ihrinmoisuc on Shutterstock.com

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