Dogecoin (DOGE) has captured the market’s attention once again, posting an 8% gain and trading at $0.18401. As traders eye the $0.20 mark, technical indicators and market sentiment appear to support the meme coin’s bullish trajectory. Here’s a closer look at what’s fueling the rally and what to expect next.
Bullish Momentum: Dogecoin Breaks Out from Falling Wedge Pattern
DOGE has surged 12% from its 7-day low of $0.1643, breaking out of a falling wedge pattern formed by two lower highs and three lower lows. After producing a decisive four-hour candlestick close above the wedge’s upper trendline at $0.1774, the meme coin is on course for a 12% price target of $0.2061. This projection is derived by measuring the distance between the first swing high and swing low and adding it to the breakout point.
The bullish momentum is further confirmed by three consecutive green candles on the 4-hour chart. Additionally, DOGE has reclaimed its position above the 50 and 200 EMAs, reducing the risk of a “death cross” on lower time frames. However, investors should keep an eye on the 78.60% Fibonacci level at $0.1860, which could act as a temporary resistance before DOGE targets $0.2042.
Binance Traders Bet Big on DOGE
Bullish sentiment is evident among Binance traders, with 67.84% of accounts holding long positions in DOGE. Open interest in Dogecoin derivatives has also surged 7.19% to $1.81 billion, reflecting heightened trader activity. Amid this optimism, short liquidations have amounted to $3.71 million, and funding rates have increased to 0.0051% — a clear sign that the bulls are in control.
Dogecoin Community Rallies Ahead of Portugal Hackathon
Adding to the excitement, the Dogecoin team has announced its second hackathon, DOGEATHON, set to take place in Portugal from July 22 to 24. With an entry fee of 269 DOGE (approximately $50), the event is expected to further galvanize the Dogecoin community as the meme coin’s bullish run continues.
Registration is open for the second ever (almost-annual 🤣) Dogecoin Hackathon!
— Dogecoin (@dogecoin) May 7, 2025
This year in Portugal! Come join Dogecoin devs from all walks of life as we build the future of finance together. There will be prizes! There will be silliness! There will be Portuguese tarts!… pic.twitter.com/fBEQc0dzZb
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.
Also Read: DOGE Eyes $0.183 Rebound—Analysts Say Altseason Could Start With Dogecoin Rally
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
