Dogecoin (DOGE) has experienced a significant bullish breakout, pushing its value from under $0.17 on May 7 to over $0.249 by May 11 — a 36% surge in just one week. According to Chris, an analyst on X, the daily DOGE/USD chart reveals a breakout above a descending trendline that had capped Dogecoin’s price since January 2025. This trendline previously acted as a strong resistance at $0.44, $0.20, and $0.17.
Analyst Forecasts $1 Target by September
Chris has identified key Fibonacci extension levels that project potential price targets of $0.69 and $0.82, aligning with the 1.618 and 2.0 levels, respectively. Based on this analysis, the analyst forecasts DOGE reaching the highly anticipated $1 mark by September 23. This would require a 327.35% increase from its current level of $0.234. If achieved, Dogecoin’s market cap would rise to $149.08 billion, assuming the circulating supply remains unchanged.
Also Read: Dogecoin (DOGE) Breaks Out with 12% Spike – Will Bulls Push to $0.286?
Rising Network Activity Supports Bullish Outlook
Supporting the bullish outlook, Dogecoin’s network metrics have shown a surge in user activity. Over the past week, the number of new addresses has increased by 102.40%, while active addresses spiked by 111.32%. Meanwhile, zero balance addresses soared by 155.34%, indicating heightened retail interest and speculative engagement.
Additionally, data from Glassnode shows that while DOGE’s spot price has stabilized around $0.22, futures open interest surged from $989 million to $1.62 billion, suggesting continued speculative positioning despite recent price cooling.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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