Dogecoin (CRYPTO: DOGE) is approaching a key technical breakout that could signal improving conditions across the broader altcoin market.
Will DOGE Break Out?
Trader Mercury said on Wednesday that Dogecoin may serve as a useful gauge for how supportive the market is becoming for altcoins.
While several individual tokens have recently outperformed, Mercury noted that a broader altcoin rally has yet to fully develop.
He is watching Dogecoin’s 200-day moving averages and a major horizontal resistance level, with DOGE currently consolidating beneath both.
