Dogecoin surged over 18% in 24 hours after X, owned by Elon Musk, confirmed the upcoming rollout of Smart Cashtags. The memecoin broke out of a bullish technical pattern, with data showing sustained spot market accumulation driving the move. Traders are now watching to see if the price can overcome key downtrend resistance near $0.127.
Dogecoin (DOGE) experienced a significant price surge following a product announcement from the social media platform X. The rally was triggered by confirmation that Smart Cashtags would be rolled out within weeks, as stated by Nikita Bier, Head of Product at X. Given Elon Musk‘s long-standing association with Dogecoin, sentiment accelerated rapidly among traders.
The cryptocurrency jumped more than 18% within a day of the news. Following the rally, Dogecoin completed a bullish Adam and Eve technical formation, breaking a key neckline around $0.11. Analysis indicated this breakout signaled a potential structural shift after weeks of bearish pressure.
Market data showed the move was supported by genuine spot demand. The Spot Taker Cumulative Volume Delta had been rising since February 9, indicating consistent buy-side dominance throughout the period. According to CryptoQuant data, this accumulation preceded the breakout, suggesting the rally was not driven solely by leveraged speculation.
After clearing the $0.11 level, DOGE faced its next major test at downtrend resistance near $0.127. A break above this level could open a path toward $0.15. Major resistance beyond that is seen between $0.20 and $0.21.
