TLDR
- DOGE currently trading around $0.21, down 10% over the past week
- Analyst Javon Marks maintains $0.65 target (174% potential increase)
- $0.25-$0.26 range identified as key resistance level to break
- On-chain wallet activity has increased over 100% in the past week
- Multiple analysts remain bullish, with predictions ranging from $0.50 to as high as $46 long-term
Dogecoin has experienced a notable pullback in recent days, dropping from $0.25 to approximately $0.21, representing a 10% weekly decline. Despite this short-term decrease, several crypto analysts maintain optimistic outlooks for the popular meme coin’s future price movement.
Dogecoin currently trades near the $0.21 mark after failing to sustain a brief bounce above $0.23 around May 17-18. The weekly performance shows a clear downtrend, though many investors are focusing on longer-term signals.
Analyst Javon Marks points to a key technical development from late 2023 when DOGE broke through a trendline that had capped its price since its previous peak near $0.70. Based on this breakout and the establishment of higher lows, Marks maintains his $0.65 target, which would represent a 174% increase from current levels.
$DOGE (Dogecoin)'s Next Targets Remain At:
$0.6533
$0.74 (All Time Highs)
$1.25111 https://t.co/LjUINeWyeL pic.twitter.com/RY1gNFfAbC— JAVON⚡️MARKS (@JavonTM1) May 2, 2025
Beyond this initial target, Marks also referenced possible future price milestones at $0.74 and $1.25, showing strong confidence in DOGE’s upward potential.
Key Resistance Levels
Market watcher Ali Martinez identifies the $0.25-$0.26 range as a critical resistance zone for Dogecoin. This area previously functioned as support in December 2024 before converting to resistance in early 2025.
DOGE has made several attempts to break through this level in recent months. February saw a push to $0.28 before a reversal to below $0.15, while a March rally managed to exceed $0.19 but failed to maintain momentum.
The most recent test occurred in May when the price reached $0.24 before settling at $0.22. Traders are now watching for a decisive close above the $0.26 level as a signal of renewed upward momentum.
Dogecoin’s market capitalization currently stands at $32.6 billion, positioning it among the larger cryptocurrencies by value.
On-chain metrics show growing activity in the Dogecoin network. New wallet addresses have increased by over 100% in the past week, while active addresses have grown by 110%. Even addresses with zero balances have seen a 155% increase, potentially indicating new market participants.
While increased on-chain activity doesn’t guarantee price appreciation, it does suggest heightened interest in the cryptocurrency.
Multiple Bullish Forecasts
Analyst Marco Polo shares a similarly optimistic view for DOGE, suggesting the price is setting up for what he calls a “classic move” that could lead to a rally to $0.50. Polo notes that Dogecoin has broken out from a falling wedge pattern with the underlying structure remaining intact, supported by a trendline that has held for over a year.
$DOGE is setting up for a classic move.
Breakout from the falling wedge ✅
Retest incoming.
Structure intact, trendline holding for over a year.Chart looks clean:
Higher lows since June ‘23
Clear diagonal breakout
If it reclaims $0.25 range, next leg toward $0.50 is wide open… pic.twitter.com/LP2MfjFcFC— Marco Polo (@MarcoPoloMaps) May 17, 2025
Polo emphasizes that DOGE has established higher lows since June 2023 and has achieved a “clear diagonal breakout.” He believes the path toward $0.50 is “wide open” if the coin can reclaim the $0.25 range.
Another analyst, Master Kenobi, expressed strong bullish sentiment, stating it would be “imprudent” to be bearish on DOGE at this point. His analysis suggests the potential for DOGE to reach as high as $14 if it touches the upper trendline of an ascending channel pattern.
Trader Tardigrade points to a channel breakout that he believes aligns with previous price actions that preceded significant upward moves. His chart suggests a target of $1 for the immediate rally.
For Dogecoin to reach these ambitious targets, several technical hurdles must first be overcome. The immediate challenge is to break and hold above the $0.26 level, followed by exceeding $0.28 with substantial trading volume.
In the near term, market participants will be closely watching whether DOGE can reclaim the $0.25 level and maintain it for several consecutive days. Success would preserve the higher-low pattern that forms the basis for many bullish forecasts.
Should the price fall below $0.21, however, the bullish setup could deteriorate, potentially opening the door to further downside.
At present, Dogecoin remains caught between optimistic technical analysts and those who anticipate additional price declines in the short term.
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