Dogecoin (DOGE) Surges by Nearly 25%, Hits Highest Price This Year

Dog-themed cryptocurrency Dogecoin (DOGE) has surged by nearly 25% in the last 24 hours, reaching intraday highs of $0.4807 in Saturday's trading session.

Dogecoin (CRYPTO: DOGE) enjoyed a remarkable surge in value on Saturday, hitting intraday highs of $0.4807 during the session.

The meme coin's price soared to its highest level this year, fueled by a broader rally in altcoins as Bitcoin's approach to the $100,000 milestone continued to attract attention.

Dogecoin was priced at $0.475 at the last check, reflecting a gain of over 23% in the last 24 hours and a surge of 245% in the last 30 days.

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In a recent tweet, crypto analyst Ali Martinez shared his bullish outlook on Dogecoin, predicting a potential breakout to $0.82.

Highlighting a triangle pattern on the chart, Ali shared his optimism for a surge to the mentioned target.

His tweet included a chart of Dogecoin, displaying the triangle pattern and breakout levels.

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Ali's prediction sparked further optimism among traders, who expressed hopes of seeing DOGE reach new all-time highs.

At current price levels, Dogecoin would need to rally by nearly 42% to reach the $0.82 target.

A surge to $0.82 would also see Dogecoin surpass its previous all-time high of $0.7376, reached on May 8, 2021.

At the time of writing, Dogecoin was up 23% in the last 24 hours to $0.475, but down 36.11% from its all-time high of $0.737.

Dogecoin enjoyed strong buying pressure throughout the session, evident in the large green candle on the price chart.

The dog coin's run had earlier stalled following its ascent to highs of $0.439, but DOGE began to rise again from lows of $0.369 on Nov. 21.

The meme coin's price had dropped to lows of $0.24 following the May crypto sell-off, and it enjoyed several peaks and troughs before beginning a sustained rally in November.

Technical analysis of Dogecoin pointed to a strong buyer edge, with the moving averages sloping upwards and the relative strength index in the overbought zone.

If bulls managed to push the price above $0.48, Dogecoin could be poised for a further ascent to $0.50, followed by $0.59.

A continued surge could see the meme coin approach the current all-time highs of $0.73 and $0.82.

On the downside, immediate support was seen around $0.33, followed by $0.29 and $0.25 in the event of declines.