DOGE forms bullish pattern, set for 2025 breakout?

Dogecoin's Recent Performance and Future Outlook

Dogecoin, one of the pioneering memecoins, has seen its prominence diminish amidst the recent surge in memecoin popularity. While it once commanded significant attention, discussions surrounding Dogecoin have lessened. Source: CoinMarketCap

Its price has fallen over 4% in the past week, with a market cap of $26.18 billion (a 1.60% intraday loss) and a volume of $869.69 million (a 23.47% loss). The question remains: will Dogecoin see a clear path to recovery by the end of 2025?

Data from CoinGlass reveals a net outflow of Dogecoin in the past 7 days. Binance experienced an outflow of $49.32 million, OKX saw an outflow of approximately $30.36 million, while outflows on Coinbase and Bybit remained under $10 million.

Interestingly, this outflow contrasts with a significant surge in trading volume. Binance's Dogecoin volume increased by 71.9% to $1.10 billion, and OKX saw a 65% increase.

Over the past 24 hours, net inflow was observed on several exchanges: $1.85 million (DOGE/USDT) on Binance, $8.82k (DOGE/USD) on OKX, and $4.23 million (DOGE/USDT) on OKX.

Dogecoin derivatives show slower activity, with a total volume of $2.51 billion (a 12.34% decrease) and open interest of $1.85 billion (a 0.66% decrease). Source: CoinGlass

Dogecoin options, however, show a different picture. Volume reached $22.71 million (a 29.71% increase), and open interest stands at $135.42k (a 15.23% increase). Source: CoinGlass

CoinGlass data indicates that Dogecoin futures open interest is led by Gate.io ($426.89 million), followed by Binance ($387.91 million), Bybit ($276.67 million), and Bitget ($235.23 million). Source: CoinGlass

Key Support and Resistance Levels

At the time of writing, Dogecoin is trading at $0.1755, above its 20-day exponential moving average (EMA) but below its 50-day, 100-day, and 200-day EMAs. Despite recent steadiness, early signs of bullish momentum are emerging.

Following a sharp decline from the $0.35–$0.40 range in early January 2025 and subsequent stabilization around $0.12 in March, Dogecoin has been testing short-term resistance and establishing higher lows—a potentially positive sign.

A rally above $0.195–$0.20 could be triggered if bulls successfully maintain the price above the $0.178 resistance level. This level represents a significant psychological barrier and a former support zone that has become resistance. Source: TradingView

The current price structure resembles an ascending triangle, with horizontal resistance at $0.178 and rising lows. A breakout above this resistance could initiate the next bullish phase.

Dogecoin is currently at a crucial juncture. The next few trading sessions will be pivotal, as the trend has shifted from bearish to neutral-bullish. Increasing volume and a decisive break above $0.178 could pave the way for a sustained upward trend.

Conversely, a fall below $0.171 could signal weakness and potentially lead to a retest of lower support levels.