Analyst Discloses Possible Timing for the Event

Dogecoin experienced a significant price increase last week, rising from below $0.169 on May 8 to over $0.248 by May 12. This marks a 35% increase within just seven days. Investors and traders are observing the situation closely, as various charts and blockchain data suggest potential for further gains.

Additional Insights

Breaking Through Long-Term Resistance

Chart analysts indicate that Dogecoin has successfully crossed a descending trendline that has restricted growth since January 2025. This line had previously deterred upward movements at $0.43, $0.19, and $0.16. Now that prices are above this line, it is perceived as a new support level for DOGE.

Ichimoku Cloud Indicates Support

Data reveals a bullish shift in the Ichimoku cloud. As the price surpassed the cloud, the green span has moved above the red, transforming what was once seen as resistance into a support area for future price increases.

Fibonacci Levels Suggest Further Upward Movement

Analysts have charted Fibonacci extensions based on the recent price movement. The 1.618 level is located at $0.69, with the 2.0 level at $0.81. Should Dogecoin maintain this trajectory, these levels could serve as significant milestone points as it rises.

Forecast Predicts $1 Target

One independent analyst has projected that DOGE could reach $1 by the end of summer this year, necessitating a staggering 320% surge from its current value of $0.2317. Achieving this target would push its market cap close to $150 billion, an increase from around $34.5 billion. DOGE’s market capitalization already grew by 3.4% within the last 24 hours.

Increased Network Activity

On-chain metrics support the growing excitement. New wallet addresses have surged over 100% in one week, active wallets are up 110%, and zero-balance wallets increased by 154%. These trends indicate rising retail interest and broader participation beyond mere speculative trades.

Futures Traders Are Active

In parallel, futures open interest for Dogecoin has escalated from $989 million to $1.62 billion. This is a significant change compared to the fluctuations seen from mid-February to April, when open interest and DOGE’s price moved in tandem. Currently, open interest continues to rise despite a recent drop in price from $0.25 to about $0.22.

Additional Insights

Other Analysts Eyeing the $1 Goal

Research from last year suggested that Dogecoin has the potential to reach $1, potentially pushing its market cap near $100 billion by 2025. Another analyst has identified a cup-and-handle formation evolving since 2021, using it to forecast a price target of $0.80.

Implications for Traders

While momentum is evidently building, caution is advised. Patterns can be broken during low volume transactions and can snap back into previous formations. Fibonacci levels serve as indicators rather than certainties. Spikes in on-chain activity can also result from short-term bots or wash trading.

Nonetheless, a decisive move above these technical barriers could pave the way for more substantial price movements. Effective risk management remains essential.