Meme cryptocurrency Dogecoin is currently trading at an important support level against Bitcoin, a level that previously triggered its historic bull run in 2021.
Dogecoin has re-entered its strongest historical support range compared to Bitcoin on the weekly chart, acting as a key accumulation point and potential launchpad for another major rally.
If Dogecoin follows its previous bull cycle behavior, the current consolidation phase could propel it to new all-time highs, outperforming Bitcoin with the support of a bullish catalyst and inflows from retail traders.
At the time of writing, Dogecoin is trading at $0.162, up by 4.2% in the past 24 hours, while Bitcoin is trading at $87,390, up by 3.8%.