The Dogecoin cryptocurrency may be on the cusp of an imminent breakout, according to technical analysis shared by advanced trading platform Bitpanda Pro.
A break above the descending trendline would indicate that there is growing buyer demand for the doggy meme coin.
As reported by U.Today, Dogecoin is the best-performing cryptocurrency in the top 100 over the past 24 hours, soaring by as much as 14.24%.
The canine cryptocurrency soared to an intraday high of $0.089 on the Binance exchange, the highest level since early June.
Even though enthusiasm for meme cryptocurrencies is nowhere near its 2021 peak, Dogecoin's recent rally shows signs of revival. DOGE has managed to gain 36% within two weeks. It remains to be seen whether it is just a flash in the pan or a new trend that could spark another retail-driven dog coin frenzy.
With a new meme coin season seemingly in its early earnings, the rivalry between Dogecoin and Shiba Inu is also heating up. The two largest dog coins are currently in 10th and 12th places, respectively, by market cap. As reported by U.Today, Shiba Inu recently surpassed Dogecoin by the number of Twitter followers.