Dogecoin Outperforms Bitcoin Early Monday, Retail Sentiment Turns Bullish Amid Expectations Of Breakout

Dogecoin ($DOGE.X) has seen a solid upward bounce over the past 24 hours on Monday, although the upward momentum has sagged over the last hour.

The meme crypto is the best-performing among top cryptocurrencies in terms of market capitalization. As of 5:35 am ET, the crypto was up 3.04% to $0.1422, while the apex crypto added a more modest 1.62% and traded just above the $68k+ level. 

Dogecoin trading volume has also nearly doubled to $1.57 billion, according to cryptocurrency exchange CoinMarketCap. Notwithstanding the recent rally, the meme crypto is down 1.36% over the past seven days compared to a more modest 0.16% drop for bitcoin.

The rally has come amid a post on social-media platform by DOGE influencer Elon Musk posting on the platform an image featuring him and a brawny image of the Doge mascot.

Prominent crypto analyst Ali Martinez sees the rally to extend. Sharing a chart on X, he said if DOGE breaks the $0.143 resistance, it could be in for a 25% rally up to $0.175.

On Stocktwits, sentiment toward Dogecoin has improved from ‘neutral’ a day ago to ‘bullish’ (60/100) but message volume has remained ‘neutral.’ The meme crypto is now within the top 10 trending financial assets on the platform.

Some retailers are prepping for a takeoff by the crypto, with some seeing a surge to $0.75.

Doge is currently trading well off its all-time high of $0738 hit on May 8, 2021, amid Musk’s appearance on the Saturday Night Live show. It pulled back along with the equity markets in 2022 and fell as low as 0.066 toward the end of the year. 

The meme crypto was range-bound for much of 2023 before reclaiming the 0.10 handle in February this year.