Technical analysis and on-chain data suggest Dogecoin may be poised for a major rally if it breaks above the 100-week SMA and maintains support at $0.16.

Dogecoin has earned its spot as the largest memecoin in the crypto industry, and the project’s early success as the first memecoin gave rise to the memecoin ecosystem. The memecoin niche now ranks among the most prominent crypto niches due to its massive potential returns.