Dogecoin (DOGE) surged by 12% today, reaching a price of $0.1905 as of the latest data. This price jump follows a broader momentum in the crypto market, with Dogecoin’s market capitalization now at $28.4 billion.
The price rally began after the U.S. Federal Reserve announced it would keep interest rates unchanged, boosting investor confidence and crypto market sentiment.
Price Action and Technical Indicators:
DOGE has been forming a falling wedge pattern since February. This pattern is often considered a bullish signal, and the breakout today at 1:26 EST indicates strong upward momentum.
The price has broken through a key resistance zone and is now targeting $0.27, which is 14% above the current price. However, this level could face some resistance due to a supply zone near it, potentially leading to a price dip before further gains.
MACD Indicator has flipped positive on the 4-hour chart, confirming the bullish trend. The MACD line has crossed above the signal line, with a growing histogram supporting further upward movement.
RSI (Relative Strength Index) is around 62, indicating that the bulls are in control. However, the RSI is close to the overbought zone, which could suggest short-term pullbacks.
Bollinger Bands indicate that Dogecoin has broken above the upper band, signaling rapid price movements. If the price remains above this level with increased trading volume, it could suggest strong bullish energy.
Additional Developments:
The potential listing of Dogecoin-based exchange-traded products (ETPs) has drawn attention. 21Shares filed an application on April 29, 2025, with Nasdaq to list a Dogecoin ETF under the name 21Shares Dogecoin ETF. The application is under review, and approval could further boost Dogecoin’s appeal.
Crypto analyst Ali Martinez has pointed to a long-term trendline, suggesting that if the price dips to around $0.14, it could set the stage for a surge toward $0.30.
Outlook:
Analysts remain bullish on Dogecoin, with expectations for the price to test the $0.30 level in the long term. However, potential short-term pullbacks could occur if the price faces resistance around $0.27.
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