Analysts say Dogecoin is poised for another rally after the largest meme coin surged 93% over the past week

Dogecoin (DOGE) has its sights set on an impending breakout and is beginning to test areas of critical resistance. After recording impressive gains of over 93% last week, some analysts are predicting another possible 50% increase that could take the token to the $0.34 mark.

According to data from CoinMarketCap, DOGE is currently trading at around $0.2944 and is maintaining its incredible momentum by gaining 30% in the last 24 hours alone. Even more impressively, the token’s 24-hour trading volume increased by 233%, indicating increased interest from market participants as the token tests crucial breakout levels.

Its position above the 200-day exponential moving average (EMA) further supports the current uptrend and, according to analysts, a daily close above $0.226 would trigger the expected rally.

According to data from IntoTheBlock, the volume of large transactions increased by 5.5% in the last day. According to Coinglass, the increase in whale activity along with a 19% increase in open interest could be a sign of restored confidence among major players.

The increase in trading volume, coupled with institutional participation and favorable technical patterns, creates a seemingly strong foundation for DOGE to potentially move higher.