TLDR
- DOGE is currently showing signs of a potential trend reversal after testing a key demand zone at $0.115
- The memecoin’s rising Weighted Funding Rate indicates growing market interest and positive sentiment
- Analyst BitGuru predicts a breakout above $0.1850 if DOGE holds above the $0.1666 price level
- DOGE has completed a “classic cup-shaped recovery” pattern suggesting a longer sustained rally
- Over the last 7 days, Dogecoin price has increased by nearly 20% despite transaction volumes being down by 14%
Dogecoin is showing strong signs of a potential trend reversal after weeks of choppy and bearish price action. The leading memecoin recently revisited a key demand zone at $0.115 that had previously fueled its breakout from a flag consolidation pattern.
This bounce from the critical support zone has not only restored holder confidence but has also attracted new momentum-driven interest. The sharp recovery is being interpreted as a validation of bullish demand in the market.
Over the last 24 hours, Dogecoin’s price has increased by nearly 4%, while seven-day charts indicate a more impressive near-20% increase. This recent surge comes as DOGE attempts to erase its 30-day decline of 5.47%.
Rising Market Interest
Backing the price rally is Dogecoin’s Weighted Funding Rate, which has shown a consistent increase over the last three days. This metric indicates that more market participants are willing to pay a premium to keep their long positions open in anticipation of further price gains.
The rise in DOGE’s Funding Rate reflects positive sentiment in the futures market and signals a shift in bias from cautious optimism to more confident accumulation. When rising Funding Rates pair with price gains, it typically indicates that bulls are gaining ground while short-sellers retreat from market volatility.
Further supporting this bullish outlook, Coinglass data shows that the memecoin’s futures Open Interest (OI) has soared over 5% intraday, hitting $1.98 billion. This statistic underscores the rising market interest in the asset.
Transaction volumes for DOGE are currently down by 14%, just shy of the $1.5 billion mark. However, this hasn’t dampened the overall positive momentum in the market.
Technical Analysis Points to Higher Targets
Cryptocurrency analyst BitGuru suggests that Dogecoin price can record an impressive rally above $0.1850 in the near future. According to his analysis, DOGE has completed a “classic cup-shaped recovery” pattern, which often signals a longer sustained rally.
$DOGE just completed a classic cup-shaped recovery and is stabilizing above key support bullish momentum is clearly building.
If the price holds this level, weāre likely heading toward a fresh breakout above $0.1850 in the next leg up.#Dogecoin #Tradingview pic.twitter.com/JzLMmIFvud
— BitGuru š¶ (@bitgu_ru) April 24, 2025
BitGuru notes that for this bullish run to continue, Dogecoin will need to hold above the $0.1666 price level to trigger the rally northward of $0.1850. However, a slip below this level could see DOGE fall toward $0.1524 again, potentially halting the current momentum.
The cup-shaped recovery pattern shows a gradual decline in DOGE price followed by what BitGuru refers to as a “bullish beauty” that signals a sustained rally may be on the horizon.
Long-Term Price Targets
Some analysts have set even more ambitious targets for Dogecoin. Cryptocurrency analyst Master Kenobi argues that DOGE could reach a new all-time high within 55 days. His prediction hinges on Dogecoin breaking past a key trendline, with a potential valuation of $0.90 by mid-June.
Other market observers are even discussing the possibility of DOGE reaching the $1 mark, which would require a rally of nearly 500% from current prices. This target has gained traction among Dogecoin enthusiasts following the recent recovery.
The optimism follows the recently concluded DOGE day, although there are some concerns that Dogecoin’s price could face pressure amid rumors of Elon Musk’s potential departure from supporting DOGE.
For investors, the next few days will be crucial in determining whether this is a sustainable trend shift or just another short-lived rally. Market participants should watch whether bulls can maintain control of the market momentum.
If Dogecoin continues to hold above its demand zone while climbing steadily, the case for a sustained reversal becomes stronger. Conversely, a dip in volume or cooling of the Funding Rate could hint at fading bull interest.
Currently, DOGE appears to be at a critical turning point in its price action. The strong technical signals, combined with growing market interest, suggest that the memecoin may be preparing for its next major move.
