Dogecoin (DOGE) has recently made headlines by breaking through the crucial $0.111 resistance barrier, raising speculation about its potential to climb to the $0.150 mark. As several technical indicators suggest a bullish trend, traders are optimistic about what lies ahead for this popular cryptocurrency.

As of now, DOGE is trading at approximately $0.1138, reflecting a 3.58% gain over the last 24 hours. This recent price movement has been accompanied by a notable increase in open interest, which rose by an impressive 11.16% to reach $587.53 million. Such a rise highlights a growing confidence among traders that could contribute to further upward momentum.

A significant factor to note is the concentration of Dogecoin holders around the $0.111 resistance level, where over 62,270 addresses hold more than 36 billion DOGE. This concentration of holdings has created a psychological barrier that, once overcome, could unleash even more bullish energy as traders flock back to DOGE.

However, traders should exercise caution as technical indicators like the Bollinger Bands on the 4-hour chart indicate that DOGE may be approaching overbought territory. Currently hovering close to the upper band at $0.11349, any price pullback could raise concerns about the sustainability of this rally.

In addition to price technicals, network activity is another determinant of DOGE's future. Over the past 24 hours, Dogecoin recorded 46,189 active addresses, a figure that, while steady, doesn't quite match the levels seen during previous price surges. A boost in user activity is crucial, as increased engagement on the network often correlates with price appreciation. If this metric improves, it could further bolster traders' confidence and support DOGE’s upward trajectory.

Moreover, the current sentiment in the market is reflected in recent trading activity. On September 26, significant short liquidations occurred—amounting to approximately $1.05 million—particularly on major exchanges like Binance and OKX. Such short squeezes often add fuel to the bullish narrative, as bearish traders exiting their positions can contribute further to price increases.

With the potential for a breakout nearing, yet vigilance needed regarding overbought signals, Dogecoin’s future hangs in a delicate balance. Will increased network activity and sustained trader engagement push DOGE towards the bullish target of $0.150, or will the price falter? Cryptocurrency enthusiasts and traders alike are watching closely to see if this meme coin can reclaim its previous glory, making now a particularly exciting time to stay updated on Dogecoin’s movement.