Dogecoin DOGE/USD Is Up 17% on the Week and Several Analysts Are Eyeing a Continuation of the Rally

Dogecoin prices shot up 17% in the seven days to Friday as several analysts grew bullish on the cryptocurrency.

Trader Notes: Crypto trader DegenHardy pointed out a bullish divergence at key support levels on the daily chart, which could present a swing long opportunity.

TheCryptoBasic noted that DOGE broke out from a falling wedge, setting the stage for a continuation towards the next resistance at $0.46.

Trader Tardigrade highlighted that DOGE broke a multi-month resistance trendline with no signs of a fakeout. He added that the current setup is very similar to the one in February 2024, which saw a powerful rally after a period of momentum buildup. If history repeats itself, then he believes that DOGE could reach $1 in May.

Statistics: TradingView data showed that 61,900 daily active addresses were recorded for Dogecoin, which is significantly higher than XRP's 48,350, suggesting that on-chain engagement is increasing.

According to Coinglass, Dogecoin's open interest increased by 7%, and derivatives trading volume expanded by 8.3% in a single day. In the past 24 hours, $7.01 million in positions were liquidated, including $4.22 million in short positions.

News: 21Shares stated that Dogecoin is "not just riding the meme wave" but building a legacy. It highlights structural resilience, long-term outperformance and low correlation to major assets, positioning DOGE as a wildcard asset with real diversification value.