Dogecoin Price Eyes $2 Rally After Elon Musk Ghibli Anime

Dogecoin price has shown remarkable strength, gaining over 14% on the weekly chart and approaching a key resistance level at $0.21. A breakout above this point could potentially ignite a rally toward $2, representing a 10x gain. Adding to the excitement, Elon Musk has teased DOGE once again by sharing a Ghibli anime-inspired illustration, parodying the iconic “Lion King” scene with a Shiba Inu mascot. Advertisement Dogecoin Price Eyes A 10x Breakout Ahead In the last 24 hours, the Dogecoin price has surged another 4%, moving to $0.205 with its market cap just touching $30 billion. Additionally, the daily trading volumes have surged more than 32%, crossing $2 billion showing a strong bullish sentiment aong traders. Additionally, the Coinglass data shows that the DOGE futures open interest is also up 4%, moving above $2 billion, while the 24-hour liquidations have soared to $13.82 million. Popular crypto analyst CryptoELITES has cited the formation of a cup-and-handle chart pattern, wherein the DOGE price is on the move to complete the cup pattern. As a result, he expects the meme coin to register 10x gains from here onwards.

Some traders also expect the DOGE price rally to continue to $8 as the meme coin breaks past the three-month trendline. Advertisement

DOGE SuperTrend Indicator Crypto analyst Ali Martinez has highlighted a potential bullish phase for Dogecoin (DOGE) based on the SuperTrend indicator. According to Martinez, the popular meme coin could enter a significant upward trend if it manages to break through the critical resistance level of $0.21. The SuperTrend indicator usually helps to identify trend reversals and potential breakout points. Thus, surpassing this key threshold of $0.21 Dogecoin price could signal renewed investor momentum for the meme coin.