DOGE confirms Inverse Head & Shoulders breakout, retests $0.142 and pushes toward $0.29.
Trading volume up 18% and RSI at 62 suggest strong momentum without overbought pressure.
On-chain data and rising institutional exposure reflect growing support for DOGE’s rally.
Dogecoin ($DOGE) is showing renewed bullish momentum following a confirmed breakout from an Inverse Head and Shoulders pattern on the lower time frame. As of May 12, 2025, DOGE has successfully retested its neckline and resumed an upward trend, supported by rising volume and increased on-chain activity.
Technical Breakout Validates Bullish Momentum
According to analysis prepared by Trader Tardigrade via X, DOGE completed a breakout from the Inverse Head and Shoulders pattern around $0.145. The breakout was confirmed by a successful retest at $0.142 and a continuation to $0.155. This price level aligns with key resistance observed over the past week.
https://twitter.com/TATrader_Alan/status/1921824683118501977
Supporting this technical structure, Rekt Capital stated that Dogecoin has also closed the weekly candle above pre-halving highs, now attempting to turn that resistance into support. A sustained hold above $0.24 could open the way toward $0.27, with higher targets mentioned at $0.29 and $0.40 if the sell wall is broken, according to CW8900.
Trading volume rose by 18% in the past 24 hours to $1.2 billion, while RSI on the 4-hour chart stood at 62, confirming strong momentum without reaching overbought levels. MACD indicators also showed a bullish crossover, suggesting potential for further upside.
Network Activity and Market Sentiment Support Price Action
Data from CoinGecko shows Dogecoin transactions increased by 12% to 1.8 million within 24 hours, with active wallet addresses up by 9%. These metrics suggest more user engagement and market participation. On-chain sentiment remains aligned with current price action.
Institutional interest is also increasing. According to public filings from Grayscale on May 11, 2025, DOGE now makes up a larger portion of the Digital Large Cap Fund. Additionally, Bitwise's DeFi and Crypto Index Fund increased exposure to DOGE by 3% this week.
As of 16:00 UTC on May 12, 2025, DOGE is trading at $0.2448. If the $0.2505 resistance level is broken with strong confirmation, analysts suggest that Dogecoin could challenge the next resistance at $0.29.
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