TLDR:
- Dogecoin has broken out of a long-term descending channel pattern
- Active addresses surged 528% to 469,477 following 21Shares’ spot DOGE ETF filing acknowledgment by SEC
- Futures open interest rose 70% to $1.65 billion, showing strong speculative interest
- Multiple analysts project price targets between $0.40-$0.60
- Technical indicators suggest a shift from bearish to bullish momentum
Dogecoin has broken free from its downward trend, with technical analysts pointing to a major breakout from a descending channel pattern that could propel the popular meme cryptocurrency to new heights. After months of trading within clearly defined downward boundaries, DOGE now appears to be shifting toward a bullish phase.

Crypto analyst Jonathan Carter recently shared his technical analysis on X (formerly Twitter), highlighting that Dogecoin has officially broken out of its long-term descending channel on the 3-day chart.
Dogecoin breaks out of a descending channel pattern on the 3-day chart👨💻
Momentum suggests potential for significant upward movement📈
Key targets include $0.287, $0.340, and potentially $0.445 in the mid-term🚀 pic.twitter.com/PJxHxBAIb8
— Jonathan Carter (@JohncyCrypto) May 12, 2025
This breakout follows a period of consistent lower highs and lower lows within the parallel channel structure.
Prior to this descending channel, Dogecoin was trading within a falling wedge pattern in late 2023.
The cryptocurrency confirmed this pattern by breaking out upward, which triggered a price rally that reached near the $0.45 resistance zone.
Carter’s analysis shows DOGE’s Relative Strength Index (RSI) approaching 75, indicating strong upward momentum.
#Dogecoin $DOGE printing another bull flag…
Target: $0.33 🟢
The last one hit its target in a couple of days! 🔥 pic.twitter.com/oXYeITbYCO
— Trader Edge (@Pro_Trader_Edge) May 15, 2025
With minimal overhead resistance based on the current bullish structure, Carter forecasts key price targets at $0.287, $0.340, and potentially the previous high of $0.445 in the mid-term.
Network Activity Shows Growing Interest
The technical breakout coincides with a surge in network activity. On May 13, Dogecoin saw a remarkable 528% increase in active addresses, jumping from 74,640 to 469,477.

This spike in network engagement came following news that the SEC acknowledged 21Shares’ filing for a spot Dogecoin ETF.
The filing aims to track DOGE’s price and aligns with similar efforts by Bitwise and Grayscale, suggesting potential mainstream adoption may be on the horizon.
Market sentiment received an additional boost as futures open interest for DOGE rose 70% over the past week.
This metric climbed from $989 million to $1.65 billion despite a pullback from recent price highs.
According to data from Glassnode, this decoupling of open interest and price suggests persistent speculative positioning, which could lead to increased volatility.
DOGE has also seen strong spot-buyer demand. Reports indicate that DOGE’s spot taker 90-day cumulative volume delta is currently “taker buyer dominant,” reflecting more aggressive buying than selling since early March.
This pattern previously preceded a 385% rally to $0.48 in Q4 2024.
Wyckoff Pattern Suggests Higher Targets
Another crypto analyst known as ‘Ace of Trades’ on X has identified signs of a significant trend reversal for Dogecoin. Based on the Wyckoff market schematic, the analysis suggests that DOGE has exited the accumulation zone and entered the mark-up phase on the weekly chart.
For most of 2022 and 2023, Dogecoin traded sideways in what appears to be an accumulation phase.
Recent bullish activity has pushed its price into mark-up territory, potentially signaling the start of an uptrend.
This outlook is supported by Dogecoin’s RSI behavior, which has crossed above its Exponential Moving Average (EMA).
According to Ace of Trades, if momentum holds, DOGE could continue upward toward the $0.34 resistance. Beyond that, a path to the distribution zone above $0.60 becomes clearer if volume and market interest grow.
Trader Tardigrade noted that DOGE has reached a key resistance level around $0.24, with a brief consolidation expected. A breakout above this resistance could propel DOGE to $0.40.
Meanwhile, Dogecoin proponent Kriss Pax highlighted an inverse head-and-shoulders pattern on the 1-day chart, suggesting a potential surge to $0.42.
The price is currently fluctuating between $0.22 and $0.25, with Pax advising, “Opportunities for buying dips will come. Some will swing trade. But when DOGE decides to take off, you will want to be on board.”
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