Dogecoin (DOGE) has shown renewed potential, gaining momentum and coming close to surpassing Cardano (ADA) in terms of market capitalization. With a price breakout and increased social sentiment, the question now is whether Dogecoin can successfully overtake Cardano once again.

Dogecoin’s Recent Breakout

As of the latest market data, Dogecoin has made a significant move by breaking out from a symmetrical triangle pattern. This technical formation is typically indicative of potential price increases, and DOGE’s recent price action is no exception. The breakout occurred when Dogecoin surpassed a key descending resistance line near the $0.1730 mark.

The 4-hour price chart shows a strong bullish candle, signaling that Dogecoin could push toward higher price levels. Aiming for $0.1790 seems to be the next target before any possible price correction. If DOGE manages to sustain its position above the breakout area, it could soon test the $0.1910 resistance level, potentially advancing to prior price holding positions.

However, for Dogecoin to continue its bullish momentum, it may first need to retest the range between $0.1750 and $0.1730. If buyers fail to defend prices above $0.1730, the breakout could become invalid, leading to a potential drop towards support levels at $0.1660 or $0.1600.

Bullish Momentum Dependent on Sustained Demand

The key to Dogecoin’s sustained upward movement is the continuous demand from buyers. The breakout from the symmetrical triangle pattern will only result in further price gains if there is enough buying volume to maintain the momentum. High demand and consistent buying activity will help validate the bullish price action and push DOGE towards higher levels.

At present, the market is in a relatively stable accumulation zone, which has helped support Dogecoin’s price as investors begin to build positions in anticipation of future price appreciation. If buying pressure continues to grow, DOGE could see even further price gains in the coming sessions.

Social Sentiment Fuels Dogecoin’s Rise

In addition to the technical factors supporting DOGE, its social engagement remains a driving force behind its recent price action. Dogecoin has long been known for its strong, passionate community, and this has translated into growing social sentiment. A high level of social interaction often increases demand for the asset, contributing to both short-term price spikes and long-term interest.

Dogecoin has maintained its position as one of the top assets in terms of social sentiment, thanks to the support of its enthusiastic following. The ongoing interaction within the Dogecoin community not only helps raise awareness about the token but also enhances its visibility, leading to increased market participation.

Can Dogecoin Surpass Cardano Again?

Currently, Dogecoin’s market value is around $0.17, with a total market capitalization of $25.22 billion. On the other hand, Cardano is priced at $0.73, with a market cap of $26.17 billion. For Dogecoin to surpass Cardano by market cap, it would need to increase its price by about 1.03 times.

While Cardano has a significant lead, the strong social sentiment around Dogecoin, coupled with increased accumulation from traders, suggests that DOGE could challenge ADA’s market position in the near future. If Dogecoin continues to rise, particularly if it reaches the $0.19 price range, it could successfully surpass Cardano, especially if Cardano’s market value remains stagnant or experiences a decline.

Outlook: A Tight Race Ahead

Dogecoin’s recent price action and growing investor confidence are promising signs that the asset could potentially overtake Cardano again. However, this will depend on several factors, including the sustainability of Dogecoin’s current bullish momentum, as well as Cardano’s ability to maintain its market position.

With the ongoing accumulation and strong social engagement, Dogecoin’s comeback seems increasingly likely, but Cardano’s strong market capitalization and position could make this a tight race. Investors will need to watch the next few days carefully to see if Dogecoin can break through key price levels and sustain its momentum to overtake Cardano once again.