The price of Dogecoin (DOGE), the ninth most valuable cryptocurrency, has seen a 9% increase in the past week, prompting speculation about a possible rally akin to its 2021 surge.
The meme coin’s recent performance has outpaced most of its peers, with only Pepe (PEPE) posting slightly better numbers.
Crypto analyst Kaleo, in a post on X (formerly Twitter), noted that DOGE was trading at a similar price to its position before the 2021 bull market rally.
Kaleo suggested that it may be time to monitor the Dogecoin trend closely. As per his analysis, DOGE could start to move higher towards $0.10 in the short term. A rise to $0.20, however, would hinge on the Higher Time Frame (HTF) resistance.
Despite Kaleo’s optimistic projections, a significant part of the market held a less positive view regarding the short-term performance of DOGE. This sentiment was reflected by the coin’s weighted sentiment, which stood at -0.71, indicating an increasing perception of a possible reversal of the coin’s uptrend.
Nonetheless, activity on the Dogecoin network has been on the rise. Data from Santiment revealed that the number of 24-hour active addresses had risen to 125,000, indicating increased interaction with DOGE.
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