Dogecoin (DOGE): The surge is becoming clearer with reinforced bullish signals
Dogecoin (DOGE) shows strong signs that a rally could happen soon. On-chain data suggests a positive trend, with many key points turning bullish.
Imagine a Shiba Inu in a spacesuit ready for launch, while a rocket with the Dogecoin logo shoots up into the night sky, cheered on by the crowd.
Summary Active DOGE addresses increased by 528%, showing more investor interest. DOGE recently broke important technical patterns, pointing to a bullish change. Many analysts target $0.40 as the next main level, with some expecting $1 during a rally.
More On-Chain Activity Indicates Rising Attention from Investors Crypto analyst Ali Martinez shared on May 15 that DOGE's active addresses, transaction volume, and whale activity are on the rise. This suggests positive momentum. He also noted that whales accumulated over a billion DOGE in the past month alone.
To support this, ChainGPT AI, an AI tool on X, reported that active addresses jumped 528%, reaching 469,000. It also said futures open interest increased 70%, hitting $1.65 billion. The AI suggests that rising demand and excitement around ETFs could push DOGE toward $0.40. It also pointed out a bullish pattern called an inverse head and shoulders forming on the charts, which supports a bullish outlook.
Whale activity is especially important. When large investors move quickly, it often signals that they see potential for a rise. Retail traders tend to follow these moves, causing the market to gain momentum. This can create FOMO, or fear of missing out, encouraging more buying.
Technical Breakouts Show a Bullish Turn Dogecoin is now trading around $0.22, just under 1% lower in the last day. Still, it looks like DOGE has already broken through key resistance points.
After breaking out, DOGE pulled back a little to test a rising wedge pattern. If this level stays strong and acts as support, it would confirm that the uptrend is likely to continue.
DOGE also left a sideways trading range that started in March. Both breakouts happening around the same time make the overall move stronger.
Momentum tools support the idea of a rally. The MACD line is above the signal line, both are in positive territory, showing strength. The histogram is green, but the bars are getting smaller, which might mean the upward move is slowing down.
The RSI reads at 61. It shows there's still room for the price to go higher. This positive sign confirms the current bullish view.
Important Resistance Levels and Price Goals for Dogecoin The next big resistance is at $0.30. If DOGE breaks this level, it could aim for $0.45, which was a previous high before the last bear market. Some traders, like Trader Tardigrade, expect a brief period of pause before moving toward $0.40.
Another analyst, Alts King, thinks DOGE is gaining momentum and could reach $0.48 if the current trend continues.
Looking ahead, many analysts see $0.40 as a key short-term target. This price level could attract many buyers. Some even expect DOGE to hit $1 in a strong rally. Recent gains, outpacing Ethereum and XRP, may help fuel the next big push for Dogecoin.