TL;DR

• Analysts see signs of a major Dogecoin breakout, with one eyeing $0.30 after a successful trendline retest and another forecasting a surge to $1.

• Whales have scooped up over one billion DOGE in 30 days, while outflows from exchanges signal growing investor confidence and reduced immediate selling pressure.

DOGE Price Explosion Incoming?

The biggest meme coin has been among the best-performing leading cryptocurrencies in the past month. It currently trades at around $0.22 (per CoinGecko’s data), which is a retreat from its local top but still represents a 42% increase for the period. 

Some industry participants believe the rally has yet to reach new dimensions. The X user Maximalist observed Dogecoin’s chart to suggest that the price is “about to absolutely explode to the upside.” The analyst envisioned a pump toward a new all-time high of $1. 

For their part, Crypto General claimed the meme coin “has given a big breakout.” They suggested that the next uptrend might start once the price retests the trendline of $0.23.

Ali Martinez also chipped in. He presented a somewhat bearish forecast for the short term, assuming that DOGE might head south to $0.213.

Just a few days ago, though, he pointed out three important factors that indicate the price might jump soon. Those include the rise in active addresses, transaction volume, and whale activity. “All bullish signals that could support further upside,” he said. 

Large investors have been particularly active, accumulating more than one billion DOGE in the span of 30 days. According to Martinez’s chart, those holding between 100 million and one billion coins possess almost 26 billion tokens, constituting 17.5% of the asset’s circulating supply. 

When whales buy large amounts of DOGE, it signals strong confidence, which can attract attention from smaller investors. This increased demand might push the price up, creating positive momentum in the market.

Abandoning Exchanges

Over the past several weeks, daily exchange netflows have been mostly negative, suggesting a potential shift by investors from centralized platforms toward self-custody solutions.

Although this development can’t be labeled as entirely bullish, it reduces immediate selling pressure, which could contribute to a potential rally in the near future.

TL;DR

• Dogecoin is showing bullish momentum, breaking past key support levels, with analysts eyeing short-term targets as high as $0.28.
• However, there are also some warning signs on the DOGE front, such as declining trading volumes and retail interest.

Further Gains Ahead?

The price of Dogecoin (DOGE) has pumped by almost 5% in the past 24 hours, currently trading at around $0.17 (per CoinGecko’s data). Some popular analysts believe there is much more room for growth based on the potential breakout of key levels. 

On May 6, Ali Martinez – an X user who often explores the meme coin’s performance – claimed that DOGE “is testing key support” around $0.167. He thinks that holding this zone could spark a rebound toward $0.175 and even $0.183. Dogecoin did not struggle with that task, and as mentioned above, rallied beyond $0.17. 

For their part, Efloud described $0.169 as the low time frame (LTF) support level. “I don’t see a big problem if (the) price doesn’t lose this zone. This zone may work as (a) support area on pullbacks.” 

The X user also told their more than 170,000 followers that a further ascent would depend on the potential rise above $0.174.

Trader Tardigrade assumed that DOGE’s chart has recently formed a so-called “Diamond Bottom” reversal pattern, suggesting a possible shift to an uptrend. The industry participant set a short-term target of around $0.28. 

Kamran Ashgar chipped in, too. They think DOGE “is waking up,” and when it does, it may fuel an overall revival of “the whole meme coin army.”

What Are Indicators Suggesting?

Contrary to the bullish predictions outlined by the analysts above, some metrics signal that the meme coin might suffer a setback soon.

Data compiled by the blockchain analysis platform Arkham shows that DOGE exchange inflows have surpassed outflows in the past week. This hints at a shift from self-custody methods toward centralized platforms and could increase the immediate selling pressure.

Additionally, DOGE’s trading volume has been on a significant decline in the past month, while the interest in it has faded lately. The Google searches involving the leading meme coin in the last weeks are far from the peaks observed in November last year and February 2025. Diminished interest in the asset may signal waning investor confidence, especially from retail.

Finally, let’s observe DOGE’s Relative Strength Index (RSI), which measures the speed and magnitude of the latest price changes. The momentum oscillator varies from 0 to 100, and readings below 30 indicate the token could be overbought and headed for a rally. Conversely, anything above 70 is considered bearish territory.

On May 6, the ratio dropped to 30, but it rose in the following hours. It is currently set at around 50, which is a neutral zone. 

A Crypto X chart technical analyst just pointed out a pattern in Dogecoin’s price that could mean the meme coin is the underdog in crypto markets at the moment.

Crypto Chart Trader Gives Dogecoin Thumbs Up

#Dogecoin consistently finds support at previous swing highs. It just rebounded from support matching a previous swing high.$DOGE may have completed its pullback and could surge again soon pic.twitter.com/dhfnblpj3v

— Trader Tardigrade (@TATrader_Alan) April 30, 2025

Crypto chart pattern analyst “Trader Tardigrade” told followers in an Apr. 30 post on X that “[Dogecoin] consistently finds support at previous swing highs.”

“It just rebounded from support matching a previous swing high,” Trader Tardigrade added. “[DOGE] may have completed its pullback and could surge again soon.”

$DOGE Huge Price Projection Target

Dogecoin is now entering its 3rd wave of upwards momentum, potentially aiming for a 740% price increase.


Next Price Target : 1.10$ per $DOGE

Trade $DOGE NOW on #BYDFi !


Get a 15% Cashback up to $1000 when you sign up and deposit on BYDFI… pic.twitter.com/JW0jj3scmi

— Bitcoinsensus (@Bitcoinsensus) May 1, 2025

The last time Dogecoin found support at the previous swing high level, support was in Q3 last year at Q4 2023’s swing high level. From there, the meme coin catapulted to the upper resistance line of its broader, multi-year trend channel.

According to Trader Tardigrade’s chart, if Dogecoin follows its previous pattern, the price will begin a steep rally as high as $0.80 per DOGE before August.

New All-Time High For DOGE Tokens?

#DOGECOIN road to $10!

If you’re still holding $Doge, you’re an absolute legend. pic.twitter.com/ZppO6UTzSK

— STEPH IS CRYPTO (@Steph_iscrypto) May 1, 2025

Dogecoin prices have been cooling down ever since a moonshot to $0.46 in December. That price surge followed the pattern the chart analyst describes for DOGE’s graph.

The lovable meme coin’s price has historically followed the pattern of reversing at recent swing high levels. DOGE found decisive support there in April. So a breakout to markedly higher levels could be ahead.

DOGE hasn’t had the past 12 months that BTC has, but over enough time, it has historically had periodic flash rallies. Prices go up by shocking percentages, as in Spring 2021 and Winter 2024.

Popular Bitcoin analyst Muro Crypto recently reminded followers, “Once DOGE starts pumping, it would be the official signal for a legit altseason, it’s always been the altseason indicator.”