The memecoin market has shown remarkable recovery over the past month, with the segment’s total valuation rising by 17.42%, reaching $56.16 billion from $47.66 billion. This surge has significantly boosted the portfolios of major meme coins, with Dogecoin standing out in particular.
As of the latest data, Dogecoin is trading at $0.17659, accompanied by an intraday volume of $917.05 million. Despite a 30.86% drop in volume, the coin has seen a notable 6.89% increase this month, reflecting growing bullish sentiment in the longer term. This surge may be further supported by developments such as NASDAQ’s rule change for listing the 21Shares Dogecoin ETF, which could influence Dogecoin’s price movements in the upcoming weeks.
With Dogecoin eyeing the $0.20 mark, the question remains whether the cryptocurrency can maintain its bullish trajectory and lead the memecoin sector into a new upward cycle. This article examines the short-term prospects for DOGE in May 2025.
Increased Volatility for Dogecoin: Signs of Market Stabilization
After experiencing a significant dip earlier this year, Dogecoin has shown signs of stabilizing, with its market dominance recovering. The coin has followed a largely sideways pattern throughout April, indicating a reduction in bearish pressure.
Interestingly, Dogecoin’s open interest has surged by 57.22% from $973.13 million to $1.53 billion in just 29 days, signaling a growing phase of accumulation. Open interest, a crucial indicator of market liquidity and sentiment, suggests that investors are increasingly optimistic about the altcoin’s future performance.
Price Analysis: Dogecoin Set to Build Bullish Momentum
In the past week, Dogecoin’s price action has been neutral, with buying and selling pressures cooling off. This cooling-off period may lay the foundation for a stronger bullish move, with support solidifying around the $0.15 level. The 50-day Exponential Moving Average (EMA) has provided strong support at $0.1790, while the 200-day EMA hints at a potential retest of the $0.22 level, suggesting mixed price behavior for the coin in the near term.
The Relative Strength Index (RSI) remains above the neutral line, indicating sustained bullish momentum. If this trend continues, Dogecoin could see further price appreciation in the coming weeks.
Outlook: Will D@ogecoin Break the $0.20 Barrier?
Looking ahead, if the bullish momentum persists, Dogecoin may attempt to break through the immediate resistance at $0.20. Successfully maintaining this level could propel the coin toward the next resistance at $0.25 by May.
However, if bearish forces take hold, Dogecoin could see a pullback, potentially revisiting the $0.15 support level. Should the coin fail to maintain momentum, a further decline to the critical $0.125 support could be on the horizon.
In summary, while Dogecoin’s price shows signs of positive movement, key resistance levels will determine whether it can sustain this upward trajectory. Investors should monitor the $0.20 mark closely as a potential breakout point.
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