Dogecoin (DOGE) Price: Chart Pattern Suggests Golden Run Has Begun

TLDR

Dogecoin has broken out of a Descending Channel pattern, suggesting a shift from bearish to bullish momentum Active addresses surged by 528% to 469,477 following SEC acknowledgment of 21Shares’ spot DOGE ETF filing Futures open interest rose 70% to $1.65 billion despite price pullbacks, indicating strong speculative interest On-chain data shows $0.36 as the next major resistance level where 3.8% of tokens were last purchased Technical analysts project price targets ranging from $0.34 to $0.6 based on various chart patterns

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Dogecoin has broken free from its downward trend, sparking optimism among investors and analysts. The popular meme cryptocurrency has shown strong technical signals that point to a potential upward move.

The crypto recently broke out of a Descending Channel pattern on the 3-day chart. This breakout marks a possible shift from bearish to bullish momentum.

Before this Descending Channel, DOGE was trading within a Falling Wedge pattern in late 2023. It confirmed this pattern by breaking to the upside, triggering a rally that peaked near $0.45.

Since then, Dogecoin had been trading within the Descending Channel. After multiple rejections at the upper boundary, the price finally broke through with conviction.

Dogecoin faces minimal overhead resistance based on its current bullish structure.

#Dogecoin $DOGE printing another bull flag…

Target: $0.33 🟢

The last one hit its target in a couple of days! 🔥 pic.twitter.com/oXYeITbYCO

— Trader Edge (@Pro_Trader_Edge) May 15, 2025

Network Activity Explosion

On-chain data reveals extraordinary growth in Dogecoin’s network activity. On May 13, DOGE witnessed a 528% increase in active addresses, soaring from 74,640 to 469,477.

This surge followed an update to 21Shares’ filing for a spot Dogecoin ETF. The SEC acknowledged this filing, with the financial services firm confirming the development on May 14.

The filing aims to track DOGE’s price and aligns with similar efforts by Bitwise and Grayscale. This suggests potential mainstream adoption for the meme cryptocurrency.

The news fueled market optimism and led to a rise in Dogecoin’s network activity. This kind of address growth often precedes price movements.

Futures markets are also showing strong interest in DOGE. Glassnode reported that DOGE futures open interest rose 70% over the past week, climbing from $989 million to $1.65 billion.

This increase occurred despite a price pullback from recent highs. The decoupling of open interest and price suggests persistent speculative positioning.

DOGE has also seen strong spot-buyer demand. Reports indicate that DOGE’s spot taker 90-day cumulative volume delta is currently “taker buyer dominant.”

This reflects more aggressive buying than selling since early March. A similar pattern preceded a 385% rally to $0.48 in Q4 2024.

Dogecoin
DOGE Price

Key Price Levels to Watch

On-chain analyst Ali Martinez has identified key Dogecoin levels using the UTXO Realized Price Distribution. This metric shows how much of the asset’s supply was last purchased at different price levels.

On-chain data shows #Dogecoin $DOGE faces major resistance at $0.36, while the key support zone to watch sits at $0.21. pic.twitter.com/qIABWXmkKd

— Ali (@ali_charts) May 14, 2025

The data reveals that there aren’t any notable cost basis centers immediately above the current price until $0.36. At this level, investors last bought about 3.8% of all DOGE tokens in existence.

This suggests that $0.36 could be a major resistance level for Dogecoin in its current uptrend. Below the current price, the closest support level stands out around $0.21, which hosts the acquisition point of 7.5% of the DOGE supply.

Crypto analyst Trader Tardigrade noted that DOGE has hit a key resistance level around $0.24. A brief consolidation is expected over the next few days.

#Dogecoin has reached a key level and is experiencing some resistance.
A brief consolidation over a few days is super healthy for future movements.
Once it breaks the current resistance, the next $Doge target is around $0.4 🚀 pic.twitter.com/Vk3Lshm26c

— Trader Tardigrade (@TATrader_Alan) May 14, 2025

A breakout above this resistance could propel DOGE to $0.40, signaling healthy upward momentum.

Meanwhile, Dogecoin proponent Kriss Pax highlighted an inverse head-and-shoulders pattern on the 1-day chart. This pattern suggests a potential surge to $0.42.

These are the boring times for Dogecoin. 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! 🚀 pic.twitter.com/WouOjueQBu

— KrissPax (@krisspax) May 14, 2025

Another analyst, Ace of Trades, indicates that DOGE is showing early signs of a major trend reversal. Based on the Wyckoff market schematic, the analyst suggests that the meme coin has officially exited the accumulation zone and entered the mark-up phase on the weekly chart.

$DOGE

Dogecoin appears to be entering its mark-up phase, on the weekly with plenty of room to the upside before encountering major resistance. The RSI has crossed above its EMA and currently sits at 53.97, signaling strengthening bullish momentum and the early stages of trend… pic.twitter.com/DjCS7wTG39

— Ace of Trades (@acethebullly) May 12, 2025

For most of 2022 and 2023, Dogecoin traded sideways in the accumulation zone. However, recent bullish activity has pushed its price firmly into the mark-up territory.

If momentum holds, DOGE could continue its upward trajectory toward the upper boundary of the mark-up zone, with the next key resistance at $0.34. Beyond that, the path to the distribution zone above $0.60 becomes clearer if volume and market interest continue to grow.

At the time of writing, Dogecoin is trading around $0.237, up more than 37% in the last seven days.

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