Dogecoin Surges 12% in 24 Hours, Outperforming Bitcoin
2min read Dogecoin (DOGE) has recently made headlines with a significant 12% price surge over the past 24 hours, outperforming Bitcoin in terms of both price performance and key on-chain metrics. This surge is part of what many are calling an early altseason rally, with DOGE currently trading at $0.181 after a strong green candle close on the daily chart.
On-chain data from Santiment reveals that DOGE has experienced a 41.12% spike in large transaction volume, indicating increased activity from whale wallets and institutional players in the DOGE market. Additionally, Dogecoin recorded a 34.91% increase in daily active addresses, suggesting growing retail interest and broader network engagement. These metrics are particularly impressive when compared to Bitcoin, which saw double-digit declines in both areas during the same period.
Technical analysis of Dogecoin’s weekly chart shows a classic cup formation pattern, which typically suggests a period of accumulation followed by potential breakout movement. The rounded bottom visible on the chart indicates a gradual building of buying pressure over time rather than a sharp V-shaped recovery. This formation has led some investors to speculate about DOGE potentially moving toward its previous all-time highs from 2021, which reached approximately $0.74.
The daily chart shows additional bullish signals, including a MACD crossover, which is often used to identify changes in momentum and potential trend reversals. The Relative Strength Index (RSI) has also moved above 60, suggesting strengthening buying pressure without yet reaching overbought territory. Trading volume has seen a marked increase, lending further credibility to the current price movement.
Ask Aime: Is Dogecoin's price surge over the past 24 hours a sign of an early altseason rally?
For Dogecoin to continue its upward trajectory, it must first overcome immediate resistance near $0.185. If successful, the psychologically important $0.20 mark becomes the next target for short-term traders. The $0.20-$0.25 range represents a significant hurdle for DOGE. Breaking through this zone could open the path toward higher targets. Some DOGE enthusiasts are even floating the possibility of the token reaching $1, though this would require substantial market momentum and continued interest in the broader altcoin market.
The current price action is unfolding against the backdrop of growing optimism in the alternative cryptocurrency sector. Many altcoins are seeing renewed interest as traders look beyond Bitcoin for higher-return opportunities. DOGE’s history as one of the original memecoins with strong community support makes it a frequent beneficiary during periods of increased retail participation in crypto markets. The coin’s recent performance has reignited conversations about its potential to reclaim previous highs. While reaching $0.74 or $1 would represent a substantial move from current levels, technical patterns provide some basis for these projections.
For now, traders are watching the immediate resistance levels to gauge whether DOGE can maintain its current momentum or if a period of consolidation might occur before the next leg up. As always with cryptocurrency markets, price movements can be volatile and unpredictable. However, the combination of improved on-chain metrics and favorable technical setups has positioned Dogecoin as one of the cryptocurrencies to watch in the current market cycle. The coming days will determine whether DOGE can break above key resistance levels and continue its upward movement, potentially confirming the bullish patterns that technical analysts have identified on the charts.
