Dogecoin [DOGE] price showed a 46% surge from Thursday, the 8th, to Saturday, the 10th of May. This impulsive move saw Dogecoin break out of a two-month range and brought it to gains of 350% since the start of 2025.

In the 11 hours preceding press time, the memecoin experienced a 7% retracement from $0.25 to trade at $0.233.

In a post on X, analyst Ali Martinez pointed out that whales accumulated 600 million DOGE, which was worth nearly $140 million at press time. This heavy demand during the breakout meant that further gains were likely, even though a short-term retracement was possible.

Bullish breakout reinforces Dogecoin investor faith

The two-month range formation reached from $0.142 to $0.195. The mid-range level at $0.169 served as support for almost two weeks before the price broke out. In doing so, it surpassed the 78.6% Fibonacci retracement level as well.

The Fib levels were plotted using the November 2024 rally. Dogecoin had almost fully retraced that rally in 2025, but its breakout brought hope to investors once again. Trading volume was also high as the price broke out.

The CMF was at +0.18 at press time to indicate significant capital inflows to the market. This lined up with the whale demand witnessed in recent days.

Fibonacci levels plotted for the recent breakout showed that $0.214 and $0.204 were key retracement levels that could be retested.

The Money Flow Index has formed a bearish divergence over the past two days, and a price pullback followed.

The MFI has reset to neutral levels, which means that DOGE might not fall any lower than $0.222. Therefore, in the coming days, the memecoin would likely see a bullish reaction from the $0.204-$0.222 region.

Both the $0.238 and $0.225 levels were notable magnetic zones for Dogecoin to move toward.

The $0.225-$0.216 region was a liquidity cluster and lined up with the technical support levels outlined earlier.