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.”

TL;DR

• Despite a recent uptick, one analyst warns that DOGE’s price could plunge significantly if it stays below a certain support zone.
• Others, though, foresee a rally to as high as $0.44, citing specific technical chart patterns.

Is DOGE Poised for a Massive Slump?

The price of the largest meme coin has been on an uptrend in the past week, rising by 3% and currently trading at around $0.16. However, some analysts believe a collapse could replace the minor resurgence if Dogecoin (DOGE) fails to rise above a specific level.

Ali Martinez told his 135,000 followers on X that the meme coin’s valuation could plummet by 65% to as low as $0.06 if it doesn’t turn the resistance at $0.17 into support.

Certain technical indicators also suggest DOGE could be on the verge of a pullback. One example is the Relative Strength Index (RSI), which is a momentum oscillator that measures the speed and magnitude of recent price changes in a particular asset. It varies from 0 to 100 and helps traders determine whether a token is overbought or oversold, which in turn could signal a reversal point.

Readings above 70 typically indicate that the asset has entered overbought territory and might be headed for a correction. On the contrary, anything below 30 is considered a bullish factor. DOGE’s RSI has been on the rise in the past 24 hours, currently set just south of the bearish ratio of 70.

An important event that could catalyze further gains for the meme coin is the potential approval of a spot DOGE ETF in the United States. The prominent names racing to launch such a product include Grayscale, 21Shares, Bitwise, and others. 

Earlier this year, the approval odds (before the end of 2025) on Polymarket stood at over 75%. In the past several weeks, though, the chances started to erode and currently stand at 52%. Moreover, the odds of the investment vehicle seeing the light of day before July 31 dropped to 20%.

The Bullish Predictions

Crypto X is full of analysts who believe Dogecoin has yet to chart substantial peaks. ZAYK Charts recently assumed that the price has completed a breakout on a falling wedge pattern, suggesting this could result in a pump to almost $0.28. 

Clifton Fx shared a similar thesis. They claimed DOGE “is forming a falling wedge on the 2d timeframe,” predicting that a breakout might trigger a price explosion to as high as $0.44.