Dogecoin (DOGE) is targeting an impending breakout as it begins testing areas of critical resistance. After posting impressive gains of over 93% over the past week, some analysts are predicting another possible 50% surge, which could push the token to as high as $0.34.

DOGE is currently trading around $0.2944 according to CoinMarketCap data, maintaining its incredible momentum by rising 30% in the last 24 hours alone. Even more impressive, the token’s 24-hour trading volume increased by 233%, indicating increased interest on the part of market participants as the token tests crucial breakout levels.

The position above the 200-day exponential moving average (EMA) further supports the current uptrend, and analysts say a daily close above $0.226 would trigger the expected rally.

According to data from IntoTheBlock, volumes on large transactions increased by 5.5% in the past day. The increase in whale activity, along with a 19% increase in Open Interest, could be a sign of restored confidence among major players, according to Coinglass.

The increase in trading volume, coupled with institutional involvement and favorable technical patterns, creates a seemingly strong foundation for a potential upward move in DOGE.