DOGE is currently trading with a bullish picture as price holds above an ascending trend line

Dogecoin stole the show among the top cryptocurrencies with a mammoth 77% surge in 24 hours to take its weekly gains well above 300%.

With Ethereum breaking to a new ATH of $2,547 and XRP’s recent surge near $2.00 were remarkable developments, Dogecoin (DOGE) has stood out with a new all-time high of $0.297.

The meme coin, which has become popular since Tesla’s Elon Musk began supporting it, rose again on another bullish tweet from the Tesla CEO. Dogecoin’s market cap has more than doubled in the past 24 hours, taking it to eighth among the largest cryptocurrencies above Litecoin and Uniswap.

DOGE is changing hands around $0.27.

Dogecoin price analysis

Dogecoin is trading with a bullish outlook after breaking above the resistance line of an ascending triangle pattern. The upside from $0.14 faced another supply wall at $0.18, but once bulls cleared the hurdle its price exploded.

Profit-taking and the broader sell-offs in the crypto market have seen DOGE/USD retreat from the new all-time high. The pair has touched lows of $0.21 but the upside bias remains as suggested by the hourly RSI.

If buyers keep prices above the newly formed bullish trend line, a retest of $0.275 could open the path towards $0.28 and then the main resistance level at $0.30.

Dogecoin rallied 77.47% when it surged from $0.168 to $0.297, and a similar breakout could see the cryptocurrency rocket to $0.48.

DOGE/USD 1-hour chart. Source: TradingView

On the flip side, if DOGE bears push prices below the trend line, the immediate support will likely come at $0.23. Dogecoin price could rebound off this level and resume its uptrend to the above projections.

However, should sentiment turn negative, further declines beyond $0.20 would call for more selling and see bears target horizontal support at $0.18, with the 50 SMA ($0.16) and 100 SMA ($0.12) offering strong buffer zones.

This post was originally published on Coinjournal.