Dogecoin (CRYPTO: DOGE) has recently shown renewed strength, climbing more than 35% in the past week to reach a price of $0.232.

This surge follows a breakout from a range at $0.17 on May 7, setting off new speculation about a run toward $0.40. For now, the coin is locked between $0.22 and $0.25, with brief pauses expected before its next move.

In an X post on May 14, Trader Tardigrade pointed out that Dogecoin has hit resistance at $0.24. He anticipates some sideways movement before the coin pushes higher.

According to Trader Tardigrade, a clean breakout could lead to a new all-time high as the next target is $0.40.

“Dogecoin has reached a key level and is encountering some resistance. Once it breaks through the current price point, the next $DOGE target will be around $0.40,” Trader Tardigrade stated.

Kriss Pax, a known Dogecoin supporter, shared a bullish view, spotting an inverse head-and-shoulders pattern forming on the daily chart.

"Stuck between .22 and .25. Opportunities for buying dips will come. Some will swing trade. But when $DOGE decides to take off, you will want to be on board.

This setup on the daily could see us going as high as .42. We're talking big picture here. Not small time frames or anything like that. But this setup on the daily chart is a classic technical pattern that often appears before strong upside moves in an asset's price. It's a visual representation of the buildup of bullish pressure and a potential reversal from a bearish trend. The formation of the inverse head-and-shoulders pattern suggests that the sellers' power might be waning, paving the way for buyers to take control and drive the asset higher.

Pax's outlook is supported by growing market interest and a positive trend among long-term holders.

Dogecoin 2025 Pattern Mirrors 2024 Rally

Another market watcher, Master Ananda, has highlighted a cup-shaped price pattern forming again in 2025, similar to the one in late 2024. In the previous instance, DOGE formed a base near $0.07412, broke through resistance, hovered around $0.16 to $0.19, and then spiked to $0.48 in November.

This year’s formation appears stronger. After bottoming out around $0.13, the price has stabilized above $0.19, a higher low than last time. “This wave will be many times bigger than the previous one; we have a higher low,” said Ananda,