Dogecoin (DOGE) Has Recently Hit a Key Support Level That Could Push Its Price Higher in the Coming Weeks

Dogecoin price analysis shows that the cryptocurrency is showing strength as it trades at a key support level that could push its price higher in the coming weeks.

At the time of writing, DOGE is trading at $0.166. Analysts are suggesting that the crypto price is poised for a breakout if it manages to move above the $0.17 resistance.

Dogecoin price analysis: A breakout above $0.17 could push DOGE to $0.21

Dogecoin fell in the past 24 hours. However, analysts suggest that this dip could be beneficial for the cryptocurrency’s long-term trajectory.

Dogecoin price analysis shows that the crypto is showing strength at a critical support level, and recent technical developments suggest that the cryptocurrency could be poised for a breakout if it manages to move above the $0.17 resistance.

Dogecoin price fell by 0.86% in the past 24 hours, according to Benzinga's cryptocurrency analysis. Despite this slight setback, DOGE is still up by 0.76% over the past week.

As the price action unfolded, analysts observed a pattern of increased trading activity and interest in Dogecoin.

Trading volume rose by 16.12%, reaching $2.93 billion. Moreover, there was a dramatic surge in option volume, with a 87.59% increase over the past 24 hours.

Furthermore, the Open Interest (OI)-weighted Funding Rate and the Volume-Weighted Funding Rate both showed a gradual rise. Both metrics currently stand at 0.0071%, indicating that unsettled contracts are mostly held by long traders.

This positive sentiment is backed up by the substantial buying volume observed in the spot market, as traders recently purchased $8.9 million worth of Dogecoin. This marks several consecutive days of strong buying activity.

The Long-Short Liquidation Ratio highlights that sellers experienced more losses, to the tune of $630,000, while long traders encountered comparatively lower losses, suggesting increased activity from buyers.

Dogecoin price analysis: A look at key levels

According to technical analysis, if Dogecoin can break through the $0.17 resistance, it could experience a surge to reach $0.21. A sustained move above this level could propel the cryptocurrency to a higher target of $0.29.

However, maintaining support at $0.13 will be crucial for realizing this bullish scenario.

The $0.38 level presents a major target as it contains significant liquidity clusters in the market. For DOGE to attain this milestone, it must maintain its upward momentum.

Some technical analysts believe that the current price pattern on lower timeframes shows signs of an accumulation phase, similar to those that occurred before major rallies in the past.

One analyst highlighted that Dogecoin is forming the same technical formation it did ahead of its massive 2021 rally.

This can result in an AT-LEAST +200% to +330% move above $0.73 ⤴️… pic.twitter.com/tCRCtPzrGq

— JAVON⚡️MARKS (@JavonTM1) April 13, 2025

If history repeats itself, these analysts suggest the price could surge by 200% to 330%, though this represents a long-term price prediction rather than an immediate price target.

Dogecoin would need to overcome several hurdles to reach such heights. With a current circulating supply of 148.83 billion DOGE (over 40% more than in 2021), the dynamics for reaching previous peaks have changed.

To match its former high of $0.7376 with the current supply, Dogecoin would need a market capitalization exceeding $110 billion. For DOGE to reach $1, it would require a market cap of about $148 billion.

While technical indicators are beginning to tilt bullish, they still reflect caution among traders. A confirmed move above the $0.17 resistance would mark a significant shift in market sentiment and could reignite interest in higher price predictions.

The coming weeks will be critical for Dogecoin as it tests these key resistance levels and attempts to build on recent momentum.read more