2 days ago
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TLDR
- Dogecoin has surged 38% in May, its strongest monthly performance this year
- Technical analysts predict a potential 180% price rally, with targets at $0.65 and possibly $1
- Strong buying volume dominance and on-chain metrics show high market demand
- Weekly MACD has shown a bullish crossover, historically preceding major breakouts
- Some analysts compare the current pattern to 2017’s cycle but see it moving at twice the speed
Dogecoin has experienced a remarkable upward trend in recent weeks, generating excitement among cryptocurrency traders and investors. The popular meme cryptocurrency has seen its price increase by 38% in May alone, making it the strongest monthly performance for DOGE in 2025 so far.
Trading volume for Dogecoin has been impressive. According to CoinGecko, DOGE recorded $4.7 billion in trading volume over a 24-hour period, ranking fifth among top cryptocurrencies when excluding stablecoins.
Dogecoin Price on CoinGeckoOn-chain data shows strong market demand for the cryptocurrency. CryptoQuant reports that DOGE’s spot taker 90-day cumulative volume delta has been “taker buyer dominant,” indicating more aggressive buying than selling.
This buying pattern was last observed in November 2024, which preceded a massive 385% rally that took DOGE to $0.48 in the fourth quarter of last year.
Another positive indicator is the long-term holder net unrealized profit/loss (NUPL), which recently crossed above 0.5 for the first time since March 1, 2025. This metric suggests a shift to “belief” sentiment among long-term holders.
When NUPL exceeds 0.5, it means most holders are in profit. This typically signals market confidence and reduces the likelihood of selling pressure, as investors may hold out for higher gains.
Technical Analysis Points to Higher Prices
Technical analysts have identified promising patterns on Dogecoin’s price charts. Anonymous analyst Trader Tardigrade noted a bullish setup on the DOGE/BTC trading pair that resembles a previous pattern which resulted in a 30,000% surge from $0.0024 to $0.739.
The weekly chart shows a MACD bullish crossover, which is only the third such occurrence since 2024. Previous crossovers were followed by substantial price increases – 180% between January and March 2024, and 385% between September and December 2024.
Trader Javon Marks set an immediate target of $0.65 for Dogecoin, which would be its highest price since May 2021. This represents a potential 180% increase from current levels. Marks even suggested the possibility of prices breaking above this target, bringing the $1 mark into play.
$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows!
$0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play… https://t.co/7Jt82s0jLy pic.twitter.com/vbCjIxzlzR
— JAVON⚡️MARKS (@JavonTM1) May 10, 2025
Some analysts are making even bolder predictions. Crypto analyst Master Kenobi compared the current price structure to Dogecoin’s 2017 cycle, suggesting the pattern is following a similar trajectory but at twice the speed.
In 2017, Dogecoin went through a 70-day consolidation period before experiencing an 850% rally over 45 days. According to Master Kenobi, the current cycle has compressed the initial phase to 35 days, with the expected bullish breakout lasting just 22 days.
This accelerated timeline could potentially take Dogecoin to $1.05 by early June, according to this analysis. The prediction depends on DOGE maintaining and intensifying its current momentum.
Dogecoin and Bitcoin share a strong correlation, with a coefficient of 0.67 over the past three months according to Macroaxis data. This means Bitcoin’s price movements often influence DOGE’s trajectory.
Some analysts predict that Bitcoin’s continued strength, followed by a potential sideways phase, could trigger a massive rally for Dogecoin lasting several weeks.
At present, Dogecoin is trading around $0.24, having risen approximately 6% in recent hours. The cryptocurrency has moved from trading between $0.15 and $0.20 in April to its current higher level.
For DOGE to reach the ambitious target of $1, it would need to maintain strength above the $0.22 to $0.24 zone and potentially trigger a wave of FOMO (fear of missing out) among retail traders.
The coming weeks will be crucial for Dogecoin as investors watch for signs of continued momentum or potential resistance. As of now, technical indicators and on-chain metrics suggest the possibility of further upside, though the extent of any future rally remains to be seen.
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