Key Insights:
- Dogecoin price surged 6.7% amid market-wide gains, with analysts eyeing $0.24 soon
- A $6.9M funding round for DogeOS aims to bring real-world apps to Dogecoin.
- With RSI at 70+, a short-term pullback is possible before the next leg up.
The Dogecoin price is up 6.7% in the last 24 hours and is trading at $0.20236 after hitting an intraday high of $0.2115. It’s been a wild week for DOGE and the entire crypto market as Bitcoin price soared and touched $104,000, adding over $235 billion to the total crypto market cap. Analysts are speculating, and charts are popping, but does the memecoin king have the potential to hit that $1 mark?
Dogecoin Price Action Follows General Market Hype
This week, Dogecoin has been flexing its muscles, with top analysts like Alan dropping some serious insights. He shared a chart showing how the DOGE Relative Strength Index (RSI) had risen above 50, indicating an incoming bullish trend.
According to Alan, the RSI breakout consistently occurs after the same period of 29 days. He predicts that the Dogecoin price will reach $0.24 by the end of May from this signal.
He’s not alone in the optimism—other analysts earlier in the week echoed similar vibes. Nirvana pointed to a historic pattern repeating itself. According to him, weeks before Dogecoin price had a huge breakout in the past, it underwent an extended consolidation period that resulted in a falling wedge.
Nirvana noted that the same thing is happening to DOGE, predicting that if the pattern unfolds exactly like in 2024, it would be a “$1.00 Doge in the next run-up.”
According to recent market data, DOGE is trading around $0.20, but the chatter suggests we might see a massive spike soon. Some analysts are even throwing around numbers like $1.07 soon, fueled by memecoin popularity and growing adoption.
On the Dogecoin Price This Week
DogeOS, an application development layer for the Dogecoin ecosystem, announced a massive $6.9 million funding round led by Polychain Capital.
This is huge since DogeOS aims to let developers build consumer apps like gaming and art platforms on Dogecoin’s blockchain, which could seriously boost its utility and adoption. More use cases mean more demand, and that’s a straight win for DOGE.
On the flip side, some regulatory noise in the crypto world has got investors on edge. The SEC delayed decisions on several spot crypto ETFs, including ones for Litecoin, XRP, and Hedera. While DOGE wasn’t directly mentioned, the market often moves in tandem, and any uncertainty in the ETF space can cause some FUD (fear, uncertainty, doubt). Still, DOGE’s memecoin status and community support seem to keep the bulls in control for now.
DOGE Technical Analysis: Breaking Down the Chart
The daily chart for DOGE/USD tracks DOGE price pumping hard in late 2024, peaking around $0.43 before returning to the $0.145-$0.18 range in Q1-Q2 2025.
The price has recently broken out of the consolidation zone and turned bullish, suggesting more gains.
The RSI (Relative Strength Index) at the bottom is the real MVP here. It’s a momentum indicator that ranges from 0 to 100, with 50 being the key level to watch. When RSI dips below 50, it’s bearish territory; when it climbs above 50, it’s bullish vibes. Right now, the RSI is at 70.31 and climbing, sitting at an overbought level that signals a pullback may be imminent.
The MACD (Moving Average Convergence Divergence) chart also looks promising. While it’s lagging slightly behind other altcoins, it’s showing signs of a bullish crossover, which could be the final push DOGE needs to go parabolic.
What’s Next for DOGE?
So, where does DOGE go from here? The technicals are lining up, the fundamentals are getting stronger with projects like DogeOS, and the community is as hyped as ever. If the RSI continues to climb and the price breaks out of its current consolidation, $1 DOGE could be next, just as the analysts say.
But let’s keep it real—crypto is a wild ride, and there’s always a chance of a pullback if the broader market gets shaky. With the RSI in the overbought zone, Dogecoin’s price might rally to $0.24 and pull back before eyeing that $1 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
