- Dogecoin jumps 6.6% to $0.1743 with trading volume soaring 184.95% to $1.2 billion.
- Technicals show a bearish trend score of -44, with key resistance at $0.2271 and support at $0.150.
- Analyst foresees breakout above $3.40, citing historical wedge formation and support at $0.13.
Dogecoin (DOGE) saw a significant 6.6% price increase today, raising its price value to $0.1743 and market cap to $26.15 billion. The price increase comes in tandem with a massive 184.95% 24-hour trading volume increase, which reached $1.2 billion, registering increased market activity and investor interest.
As market analysts claim, the spike in the price of Dogecoin can be attributed to the accumulation by the whales and an increase in retail participation. The trading volume of DOGE has now grown to 4.59% of its market cap, a percentage that was considered highly unusual.
Also Read: Dogecoin Price Analysis: Is This the Best Time to Accumulate Before the Pump?
Bearish Signals Dominate Despite Bounce Potential
Despite today’s gains, the technicals of Dogecoin remain in a bearish scenario, according to a crypto analyst’s post on X. Its price has reached as low as $0.17196 after as high as $0.3515 in the recent past. It’s -44 bearish trend score and overbought StochRSI reading indicate some pullback incoming, which warns traders anticipating further gains.
Key resistance lies at $0.2271, aligning with a bearish SuperTrend signal, while immediate support is positioned around $0.150. A fall below this zone could trigger further downside, pushing prices closer to the crucial multi-year base near $0.13. Failure to hold above the support may lead to an extended bearish phase.
Average Directional Index (ADX) stands at 23.78, which verifies the weak trend, and the Relative Strength Index (RSI) of 50.52 indicates indecision. Traders encounter a volatile setup as there are heavy volumes and a lack of robust directional bias. Traders are advised about stop-loss entry around $0.160 in order to cap the risks towards the downside.
Analyst Predicts Dogecoin Surge Above $3.40
DOGE remains in the descending wedge pattern in the daily chart since it reached the area of $0.48. Even as the prices dropped, the multi-year support at $0.13 has remained intact.
The previous breakout of this support was in Q4 2024 when Trump won the election. DOGE thereafter rallied very quickly. A parabolic movement similar to this could happen if history were to repeat itself. But the repeated tests of $0.13 are worrying; a breakdown through this level could mark the start of deeper corrections.
Crypto analyst Trader Tardigrade believes that DOGE is copying a long-term trend that has been observed since 2014. In past cycles, DOGE bottomed in 2015, 2020, and 2023 before breaking into rallies. He expects a monster move in H2 2025 and thinks that if this process continues, it can take DOGE above $3.40.
Also Read: Dogecoin Poised for Major Comeback as Bullish Trend Holds Strong in 2025
