OG meme coin DOGE is back in the limelight

This metric acts like a traffic light for traders, which might turn green following a price breakout. Still, such indicators are always foolproof

Meme coin DOGE is back in the limelight as the token’s SuperTrend indicator is showing signs of entering a bullish phase with a break above the $0.21 resistance level, according to Ali Martinez.

Traders often use this metric to identify potential buy or sell signals. As seen in the chart, the indicator line is the grey line. DOGE’s price has mostly traded below the gray area, indicating a downtrend. A break above the key resistance line could shift to the bullish path. This also means that the SuperTrend indicator would flip from a sell signal to a buy signal if the price crosses above the key hurdle.

This metric acts like a traffic light for traders, which might turn green following a price breakout. Still, such indicators are never foolproof, as market conditions vary rapidly, and traders should use them along with other analyses and risk management to gauge price movements.

The optimism surrounding the top meme coin comes after Elon Musk shared a cartoon image Shiba Inu, resembling that of the iconic “The Lion King,” where Rafiki holds up Simba. Fans speculate if the post suggests some kind of triumph or celebration, or even the rising importance of DOGE.

Elon Musk shares a cartoon image of Shiba Inu in 'The Lion King's Rafiki holding Simba.

Fans react with amusement and discuss the theme of the day:

"The Lion King vibes with Dogecoin.แส

"Still waiting for the day they serve Balenciaga dog food at the White House."

Elon Musk's post comes amid optimism surrounding meme coin DOGE as institutional interest heats up with Grayscale launching a Dogecoin-focused fund and analysts noting the MACD breakout, which could pave the, for a major run-up. As for now, traders are eyeing a much bigger target of $1 for the next leg up.

" had a perfect multi-year support trendline retest.

Memes are slowly moving up now, and I expect the meme coin to lead the rally.