- Dogecoin surged 17% over the past week, fueled by rising daily active addresses, bullish technical patterns, and growing institutional support.
- Analysts predict a potential breakout to $1 by May 2025 if the current momentum continues.
Dogecoin’s Bullish Momentum Gains Steam
Dogecoin (DOGE) has electrified the crypto market with a 17% surge over the past seven days, sparking excitement among investors and traders. With the price now hovering around $0.1830 and a market cap of $27.3 billion, analysts are increasingly eyeing a breakout above $1 as early as May 2025.
The current momentum isn’t just fueled by price speculation. According to TradingView data, Dogecoin now boasts 61,900 daily active addresses, outperforming major players like XRP, which stands at 48,350. This rising on-chain engagement points to real, growing network strength beyond just meme hype.
Technical Breakout Signals Bigger Moves Ahead
Leading crypto traders are spotting bullish signals across Dogecoin’s charts. Trader DegenHardy notes a bullish divergence at key support levels, suggesting a prime swing long setup. Meanwhile, TheCryptoBasic highlights DOGE’s breakout from a falling wedge pattern, targeting a potential surge to $0.46 in the near term.
Even more striking, Trader Tardigrade points to Dogecoin breaking a multi-month resistance trendline — without any signs of a fakeout. He draws a comparison to the February 2024 rally, where similar conditions led to a powerful upward move. If history repeats, he boldly predicts DOGE could cross $1 by May.
Growing Institutional Support Adds Fuel
Adding to the bullish case, 21Shares recently praised Dogecoin’s evolution, declaring it is “not just riding the meme wave” anymore. They cite Dogecoin’s structural resilience, long-term outperformance, and low correlation to major assets as reasons why DOGE could be a serious contender for real portfolio diversification.
Meanwhile, Coinglass data reveals that Dogecoin’s open interest jumped 7%, while derivatives trading volume expanded by 8.3% in just one day. Notably, $7.01 million in liquidations occurred over the past 24 hours — $4.22 million of which came from short positions, showcasing growing bullish pressure.
