The price of Dogecoin (DOGE) has surged by over 4% earlier today, reaching a high of $0.232. The 24h trading volume of DOGE is also up 12% to more than $2 billion.

Recently, Dogecoin has been trading in a strong range between $0.22 and $0.25, and is still trading 38% up on the monthly chart. However, it has found stiff resistance at $0.25, where early investors have been doing heavy distribution.

Crypto analyst Ali Martinez has highlighted a potential breakout scenario for Dogecoin (DOGE) as the meme-inspired cryptocurrency gains momentum. “Momentum is building!” Martinez noted.

According to Martinez, if Dogecoin manages to surpass the critical resistance level at $0.239, it could pave the way for a rally toward $0.265.

If it can breakout of this resistance, then we can expect a move towards 0.265 with the next resistance at 0.25.

Momentum is building! #Dogecoin https://t.co/i66Q7Yq466

— Ali (@ali_charts) June 15, 2024

Another crypto analyst Javon Marks has drawn attention to Dogecoin’s (DOGE) historical bull cycle patterns, suggesting the current setup mirrors previous rallies.

According to the analyst, based on past trends, DOGE could experience a significant surge of over 215%, potentially reaching a minimum price of $0.73905.

“By Dogecoin’s previous bull cycles and its similar setup this cycle, another nearly +215% increase can be on the way,” Marks stated.

By Dogecoin's previous bull cycles and its similar setup this cycle, another nearly +215% increase to $0.73905, AT THE MINIMUM, can be on the way ⚡️.$DOGE pic.twitter.com/0CQt5EPADZ

— JAVON⚡️MARKS (@JavonTM1) May 21, 2025

Some market analysts have also been giving much higher price targets of $1 and beyond for Dogecoin price. A technical analysis chart shared by cryptocurrency analyst "Trader Tardigrade" suggests DOGE may be forming its third major cup and handle.

According to the analysis, Dogecoin appears to be nearing the completion of its third such pattern. Also, the logarithmic scale suggests that potential targets could reach as high as $6.00, significantly above Dogecoin’s current trading range.

#Dogecoin's 6-month chart provides a clear macro picture of its past gains and forecasts its future moves 🔥$Doge pic.twitter.com/Ad92UyHdBj

— Trader Tardigrade (@TATrader_Alan) May 20, 2025

Earlier this year, Grayscale Investments took a significant step in expanding its crypto offerings by filing for a spot Dogecoin (DOGE) ETF, adding to its existing portfolio of digital asset trusts. The filing came after the launch of Grayscale’s DOGE Trust in January.

The US Securities and Exchange Commission (SEC) acknowledged the DOGE ETF application on March 15, officially kicking off the review process.

The SEC is now expected to announce its decision on the Dogecoin ETF by June 17. However, the agency has been known to delay its rulings, and it recently postponed its verdict on the first batch of Solana ETF applications.

The SEC is yet to approve any fully-fledged spot Bitcoin ETF, despite several attempts by various firms. Earlier this year, the agency rejected Cathie Wood’s bid to convert an existing Bitcoin futures ETF into a spot ETF.

Despite the SEC’s tough stance on cryptocurrencies, institutions and retail investors alike are becoming increasingly interested in investing in digital assets.