Dogecoin price has shot up 38% in May alone, making it the strongest monthly performance for the cryptocurrency in 2025 so far.

According to CoinGecko, DOGE also recorded $4.7 billion in trading volume over a 24-hour period, placing it fifth among top cryptocurrencies when excluding stablecoins.

On-chain data from CryptoQuant shows strong market demand for the cryptocurrency.

CryptoQuant reports that DOGE’s spot taker 90-day cumulative volume delta has been "taker buyer dominant," highlighting more aggressive buying than selling. This buying pattern was last observed in November 2024.

Another positive indicator is the long-term holder net unrealized profit/loss (NUPL), which recently crossed above 0.5 for the first time since March 1, 2025.

This metric, also tracked by CryptoQuant, measures the collective profit or loss of long-term holders, who are typically defined as those holding coins for at least 150 days.

When NUPL exceeds 0.5, it means most holders are in profit. This signals market confidence and lessens the likelihood of selling pressure.

Technical Analysis Points to Higher Prices

Technical analysts have identified promising patterns on Dogecoin’s price charts.

One anonymous analyst, known as Trader Tardigrade, pointed out a bullish setup on the DOGE/BTC trading pair.

The weekly chart shows a MACD bullish crossover, which is only the third such occurrence since 2024.

Previous crossovers were followed by substantial price increases - 180% between January and March 2024, and 385% between September and December 2024.

Another analyst, Javon Marks, set an immediate target of $0.65 for Dogecoin, which would be its highest price since May 2021.

This represents a potential 180% increase from current levels. Marks suggested the possibility of prices breaking above this target, bringing the $1 mark into play.

$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

Some analysts are making even bolder predictions. Crypto analyst Master Kenobi compared the current price structure to Dogecoin’s 2017 cycle.

According to this analysis, the pattern is following a similar trajectory but at twice the speed.

In 2017, Dogecoin went through a 70-day consolidation period before experiencing an 850% rally over 45 days. However, the current cycle has compressed the initial phase to 35 days.

This analysis suggests that the expected bullish breakout from the 35-day cycle could last just 22 days, which could take Dogecoin to $1.05 by early June. The prediction depends on DOGE maintaining and intensifying its momentum.

Dogecoin and Bitcoin share a strong correlation, with a coefficient of 0.67 over the past three months according to Macroaxis data. This means Bitcoin’s price movements often influence DOGE’s trajectory.

Some analysts, such as Ben Armstrong, predict that Bitcoin’s continued strength, followed by a potential sideways phase, could trigger a massive rally for Dogecoin, which could last several weeks.

At present, Dogecoin is trading around $0.24, having risen approximately 6% in recent hours. The cryptocurrency has moved from trading between $0.15 and $0.20 in April to its current higher level.

For DOGE to reach the ambitious target of $1, it would need to maintain strength above the $0.22 to $0.24 zone and potentially trigger a wave of FOMO (fear of missing out) among retail traders.

The coming weeks will be crucial for Dogecoin as investors watch for signs of continued momentum or potential resistance. As of now, technical indicators and on-chain metrics suggest the possibility of further upside, though the extent of any future rally remains to be seen.