Dogecoin jumped 35% over the past week and is now sitting at $0.232.
Analysts expect a breakout above $0.24 could push DOGE toward $0.40 or even $0.48.
On May 13, active addresses jumped 528%, from 74,640 to 469,477, signaling rising interest.
Dogecoin has recently shown renewed strength, climbing more than 35% in the past week and reaching a price of $0.232. Its recent surge follows a breakout under $0.17 on May 7 , setting off new speculation about a run toward $0.40. As of now, the coin is locked between $0.22 and $0.25, with brief pauses expected before its next move.
In an X post on May 14, Trader Tardigrade pointed out that Dogecoin has hit resistance at $0.24. He expects some sideways movement before the coin pushes higher, stating that a clean breakout could lead to a run toward $0.40.
Dogecoin has reached a key level and is experiencing some resistance. Once it breaks the current resistance, the next $DOGE target is around $0.40,” Trader Tardigrade added.
Source: Trader Tardigrade
Kriss Pax, a known Dogecoin supporter, also shared a bullish view, citing an inverse head-and-shoulders pattern forming on the daily chart. According to him, “Stuck between $0.22 and $0.25. Opportunities for buying dips will come. Some will swing trade. But when $DOGE decides to take off, you will want to be on board.”
Kriss believes this setup could lead to a move as high as $0.42. The technical pattern he references often appears before strong upside moves, supporting his prediction. His outlook aligns with growing market interest and a positive trend among long-term holders.
Dogecoin 2025 Pattern Mirrors 2024 Rally
Master Ananda, another market watcher, has emphasized a cup-shaped price pattern forming again in 2025, similar to the one in late 2024. In the previous instance, DOGE formed a base near $0.07412, broke through resistance, hovered around $0.16 to $0.19, and then spiked to $0.48 in November.
This year’s formation appears stronger. After bottoming out around $0.13, the price has stabilized above $0.19, a higher low than last time. “This wave will be many times bigger than the previous one; we have a higher low,” said Ananda, underlining the growing strength in the current price action. He sees a breakout on the horizon that could take Dogecoin past its past high of $0.48.
Source: Master Ananda
Supporting this view, recent network activity has spiked. On May 13, active DOGE addresses exploded from 74,640 to 469,477—a 528% jump. This activity hints at a swelling user base and renewed investor interest. The jump in usage came shortly before an ETF-related development that drew more attention to the token.
Dogecoin ETF Buzz Adds Fuel
On May 14, 21Shares confirmed an update to its application for a spot Dogecoin ETF on X, after receiving an acknowledgment from the U.S. Securities and Exchange Commission. The proposed ETF seeks to track Dogecoin’s price and follows similar filings from Bitwise and Grayscale, adding momentum to talks of wider institutional adoption.
Update: The SEC has acknowledged @Nasdaq's filing to list and trade shares of the @21Shares_US Dogecoin ETF, formally initiating the review process for this proposed investment vehicle. https://t.co/PsMlmLeJjC
At the same time, DOGE’s spot taker 90-day cumulative volume delta (CVD) continues to show more buying pressure than selling. Since early March, DOGE has been in a “taker buyer dominant” phase, meaning buyers are taking the lead in trading volume. This behavior echoes the pattern seen before the sharp rally last year.
Another bullish sign is the NUPL (net unrealized profit/loss) among long-term holders—those keeping DOGE for 155 days or more. This metric recently climbed past 0.5, a level that often reflects strong belief in a rising market. If the past is any guide, these signs suggest DOGE may be gearing up for another major move.
With multiple technical patterns pointing upward, a spike in network use, ETF developments, and stronger long-term confidence, Dogecoin could be preparing to break out of its range and attempt a run at $0.40 or beyond.
Kashif is a crypto-journalist with over 4 years of experience in the Cryptoverse. He began his career as a software engineer, but his curiosity towards decentralized technology lured him into the labyrinth of crypto, where he discovered a passion for reporting the latest news and developments in the field.
