Dogecoin is witnessing a silent breakthrough as data signals continued price increase.

Dogecoin has finally surged above the important resistance level of $0.48, reaching $0.484 briefly before a slight decrease. This is a significant development for the meme coin, as it has struggled to break through this level for weeks. This move has sparked new optimism among traders and investors who see further price potential. The primary data from blockchain analysis company Santiment emphasizes that Dogecoin, along with other meme coins, is undergoing small breakouts this weekend. This trend indicates an increasingly bullish momentum in the meme coin space, often seen as a precursor to broader market rallies. Data shows increasing trading volume and on-chain activity, both pointing to ongoing interest in Dogecoin. If this upward trend continues, Dogecoin could soon expand its recent gains, with many market participants targeting the psychological level of $0.50 as the next goal. A successful breakthrough above $0.50 could pave the way for even higher levels, further fueling the ongoing price rally. However, failure to sustain its upward trajectory could lead to a consolidation phase. Dogecoin Sets the Foundation for New Highs Dogecoin is positioning itself for a higher price as it continues its upward trajectory, but the latest breakout lacks the explosive momentum that many have anticipated. Despite surpassing key levels, Dogecoin has not been able to sustain its price at the previous high, signaling a need for stronger buying pressure to maintain its upward momentum. The Santiment blockchain analysis platform has shed light on recent activity, revealing that meme coins like Dogecoin, Pepe, Dogewithhat, and Bonk have made small breakthroughs this weekend. According to their data, larger wallets, often referred to as 'whales', have played a significant role in driving market capitalization for these currencies. This trend is expected to continue until retail FOMO (fear of missing out) reappears, potentially pushing prices higher in the short term.

However, the motivation of the meme market shows caution. Santiment's analysis shows that when social dominance of these tokens suddenly increases, it often signals a market peak. Whales often take advantage of the enthusiasm of retail investors, selling their stocks at high prices. This pattern often leads to a strong retreat as prices adjust after the sell-off. Santiment also shares a comparative chart tracking social dominance on these meme coins, highlighting previous instances when attention peaks precede retracements. For Dogecoin, maintaining the current upward momentum while avoiding overbought conditions will be crucial to sustaining its upward trajectory. Check the New Supply Price Dogecoin (DOGE) is currently trading at $0.46, after an unsuccessful attempt to decisively break the $0.48 mark. The price is still in a consolidation phase, struggling to build enough momentum to surpass the psychological level of $0.50. However, the overall market sentiment remains optimistic, creating a supportive backdrop for potential price increases.

The current environment suggests that Dogecoin may continue to fluctuate below $0.50 in the near future. However, if the buying side can gather enough strength to surpass this key level and maintain it for a few days, a major breakthrough may be imminent. Breaking through and holding above $0.50 could indicate new buying interest, laying the groundwork for a strong price increase. Market conditions driving up major cryptocurrencies could also benefit Dogecoin, provided that overall sentiment continues to improve. However, traders should watch for clear confirmation of a breakout before expecting significant price swings. Not breaking and staying above $0.50 could lead to prolonged consolidation, delaying any meaningful price momentum. Currently, all eyes are on whether DOGE can leverage market optimism in general and make a decisive move towards a higher price target or not.