TLDR
- Dogecoin (DOGE) has hit a key ascending support level on weekly charts, potentially catalyzing a price rally
- Trading volume has surged 16.12% to $2.93 billion, with option volume up 87.59% in 24 hours
- Both Open Interest-Weighted and Volume-Weighted Funding Rates are positive at 0.0071%, indicating bullish sentiment
- Spot traders have purchased $8.9 million worth of DOGE, showing increased buyer activity
- Analysts suggest breaking above $0.17 resistance could trigger a run toward $0.21 and potentially $0.29
Dogecoin’s recent price action suggests a bullish trend might be forming as the popular cryptocurrency tests key support levels. After gaining 18% last week, DOGE appears poised for further upward movement according to multiple market indicators.
The meme-inspired cryptocurrency has reached an important ascending support line on the weekly chart. This technical level has historically served as a major catalyst for price rallies.
In past instances, this support zone prompted a market high of $0.48. Current analysis suggests a potential rally within the $0.22 to $0.48 range, depending on overall market conditions.
Traders are watching the $0.22 level closely. If DOGE breaks above this threshold, further advances become more likely.
The $0.38 price point represents another important target due to major liquidity clusters at this level. This highlights the importance of maintaining upward momentum.
Market Activity Shows Increasing Buyer Interest
Trading volume across the market has surged 16.12% to $2.93 billion. Option volume has shown even stronger growth, climbing 87.59% in the past 24 hours.
Key sentiment indicators are pointing toward a bullish outlook. The Volume-Weighted Funding Rate currently stands at 0.0071%, suggesting potential for continued market growth.
The Open Interest-Weighted Funding Rate shows an identical reading of 0.0071%. This metric indicates that unsettled contracts are predominantly held by long traders, pointing to possible upward price movement.
These metrics combine to show that current long trades have substantial buying volume behind them. This could be a key factor in driving prices higher in the coming days.
Spot market activity has been particularly active. Recent data shows spot traders have purchased $8.9 million worth of DOGE, continuing a multi-day buying trend.
Technical Analysis Suggests Breakout Potential
The Long-Short Liquidation Ratio reveals more seller losses than buyer losses. Sellers have recorded losses totaling $630,000 while long traders have experienced comparatively lower losses.
This imbalance indicates increased buyer activity, with buyers willing to pay premium prices. Such behavior often precedes price surges in cryptocurrency markets.
Several analysts have provided their perspectives on DOGE’s potential movement. One analyst identified $0.17 as a crucial resistance level on social media platform X.
#Dogecoin $DOGE is gearing up for a big week. A close above $0.17 could open the door to $0.21 or even $0.29, as long as it holds the key $0.13 support. pic.twitter.com/oUnTLRqe3D
— Ali (@ali_charts) April 14, 2025
If Dogecoin secures a weekly close above this $0.17 threshold, it could trigger a run toward $0.21 and possibly reach $0.29. However, maintaining the $0.13 support level remains essential for continued momentum.
Another expert noted that DOGE is displaying technical formations similar to those seen before its massive 2021 rally, when it reached an all-time high of $0.7376.
According to this analysis, if history repeats itself, Dogecoin’s price could surge by 200% to 330% from current levels. This would support a long-term price prediction well above its previous peak.
Supply and Market Cap Considerations
Dogecoin’s circulating supply has increased by more than 40% since 2021, now standing at 148.83 billion DOGE. This supply expansion changes the dynamics of any price targets.
When DOGE reached its all-time high of $0.7376 in 2021, its market capitalization was approximately $80 billion with a circulating supply of just over 108 billion coins.
With today’s larger supply, DOGE would need a substantially higher market cap to revisit former highs. Using the same peak price and current supply, the market cap would need to exceed $110 billion.
$DOGE (Dogecoin) looking ready to put on yet another magical bullish performance to NEW ALL TIME HIGHS!
This can result in an AT-LEAST +200% to +330% move above $0.73 ⤴️… pic.twitter.com/tCRCtPzrGq
— JAVON⚡️MARKS (@JavonTM1) April 13, 2025
For Dogecoin to reach the much-discussed $1 milestone, it would require a total market capitalization of about $148 billion. While challenging, this isn’t impossible during a full-scale bull market with strong community backing.
Currently, DOGE is trading around $0.166, just below the $0.17 breakout point that many analysts are watching. Technical indicators are beginning to turn bullish, though trader sentiment remains cautious.
A confirmed move above $0.17 would mark a major shift in market perception and could reignite broader interest in Dogecoin’s growth potential.
Despite challenges like increasing supply, sentiment around Dogecoin appears to be shifting positively. The combination of technical support, historical pattern similarities, and growing analyst attention signals that a breakout may be approaching.
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