Dogecoin Climbs Back Above 8 Cents: 'Expecting 45%-50% Bullish Rally In Case Of Successful Breakout,' Analyst Says

Dogecoin DOGE/USD has rebounded from its bearish weekly performance, trading 1.9% higher on the day Friday. If it manages to stay above the 8-cent support level, analysts predict a bullish pattern to play out.

What Happened: Dogecoin, typically buoyed by celebrity endorsements and social media trends, experienced a notable surge in transactions exceeding $100,000. IntoTheBlock data indicates a rise from 154 transactions on Wednesday to 173 transactions on Thursday. 

In a significant development, SpaceX has opted to accept Dogecoin as payment for rescheduling the DOGE-1 Mission to the Moon. 

Additionally, robust whale activity indicates continued interest, with 100 million DOGE (equivalent to $7.84 million) transferred from an undisclosed wallet to Robinhood, as per data from Whale Alert.

Read Next: Dogecoin Maintains Strong Network Dominance Over Memecoin Rivals: Trader Foresees 'Abundance Of Wealth' For The Patient

Why It Matters: Despite a poor start to the week, Dogecoin has reversed course, trading 1.8% higher on the day and breaching its resistance level at 8 cents. 

Despite the slowdown in the meme coin’s performance, crypto analyst World Of Charts tweeted:

$Doge

Finally #Dogecoin On Verge Of Another Breakout Formed Bullish Pennant Incase Of Successful Breakout Expecting 45-50% Bullish Rally#Crypto #Doge pic.twitter.com/9OqKTm3eR2

— World Of Charts (@WorldOfCharts1) February 9, 2024

Voicing a similar opinion, a Dogecoin channel Crypto Daily Trade Signals stated, “#Dogecoin could potential breakout if we stay about the $0.081.”

While Dogecoin’s monthly and annual performance has been subdued, positive indicators such as a total of 5.8 million Dogecoin holders and a 1,100% surge in new addresses in the final week of January 2024 have fostered optimism in the network.

Also Read: Dogecoin Outperforming 'Killers:' Why Elon Musk Speculation Could Fuel Volatility

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