Key Notes

Dogecoin (CRYPTO: DOGE) price has shot up 32% on the weekly chart and is trading at $0.18. Recent technical chart setups suggest that there could be further gains in store for the memecoin, despite today’s 9.2% pullback.

Dogecoin is also seeing a heavy surge in daily trading volumes, which are now up 31% to more than $4.1 billion, making it among the top five crypto assets by trading volumes. On-chain data also highlights greater strength for the memecoin.

Dogecoin Price Action And Rally Ahead

Anonymous technical analyst Trader Tardigrade has shared a bullish outlook for the DOGE/BTC trading pair, citing a favorable market structure. The current chart mirrors a previous rally during which Dogecoin skyrocketed 30,000%, climbing from $0.0024 to $0.739, suggesting the potential for a similar breakout.

#Dogecoin / #Bitcoin signals a bullish pattern that led $DOGE to spike 30,000% in the past cycle. The same chart pattern has developed 🔥

What to expect:1. Surge in $BTC (causing a sudden drop in $DOGE / $BTC)2. $BTC remains sideways3. Huge surge in $DOGE for several weeks

— Trader Tardigrade (@TATrader_Alan) May 12, 2025

In a separate analysis, analyst Tardigrade also highlighted that the Dogecoin price target is $1. The projection comes as the memecoin recorded a weekly MACD bullish crossover for the third time since 2024, signaling strong upward momentum.

Previously, these bullish crossovers took place between January 2024 and March 2024, when the DOGE price surged all the way by 180%. Crypto trader Javon Marks has predicted an immediate Dogecoin price target of $0.65, which would mark its highest level since May 2021.

$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows!

$0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play…https://t.co/7Jt82s0jLy pic.twitter.com/vbCjIxzlzR

— JAVON⚡️MARKS (@JavonTM1) May 10, 2025

DOGE On-Chain Metrics Show Strength

According to CryptoQuant, DOGE’s 90-day cumulative volume delta (CVD) for spot takers has been taker buyer dominant, indicating aggressive buying activity outweighing selling. This pattern, last observed in November 2024, preceded DOGE’s breakout rally of 385%, pushing its price to $0.48 in Q4 2024.

90-day DOGE Spot Taker CVD | Source: CryptoQuant

On the other hand, the long-term holder net unrealized profit/loss (NUPL) for Dogecoin recently surpassed 0.5 for the first time since March 1, 2025, which typically highlights an optimistic or “belief” sentiment. A NUPL above 0.5 indicates that most holders, with assets held for at least 155 days, are in profit.

It further highlights growing confidence among investors and a reduced likelihood of selling, potentially supporting Dogecoin price stability as investors hold out for higher gains.

DOGE Long Term Holder NUPL | Source: GlassNode

See More: Top 5 Crypto Influencers To Follow In 2023

Now Read: 5 Cryptocurrencies That Could Explode In May