• DOGE price has broken through the downward channel, and the current trading price is above the resistance level of $0.1750.

  • Whales transferred 100 million DOGE to a private wallet, indicating a long-term bullish stance.

  • RSI divergence and higher lows suggest that DOGE may return to $0.50 in the coming weeks.

After a week of selling pressure and market fluctuations, Dogecoin (DOGE) price shows signs of a rebound.

After breaking below the $0.1750 support level in early May, this meme coin rebounded strongly over the weekend. On-chain data suggests it may have bottomed out, with the potential for a strong rebound.

Dogecoin price breaks through the downward trend channel and re-tests $0.1750.

The hourly candlestick chart shows that DOGE price successfully broke through a clear downward channel, ending a short-term decline that lasted several days. The key breakout point is around $0.1720, which had formed strong intraday resistance.

After the breakout, Dogecoin price quickly rebounded above $0.1750 and maintained a narrow range of fluctuations.

The hourly chart has shown a bullish pattern, which is the first technical strengthening signal since DOGE fell from $0.182 at the end of April.

From the current support levels, $0.1685 and $0.1650 remain key areas to observe for downside. Additionally, $0.1780, $0.1850, and the psychological level of $0.20 constitute resistance above.

Once these price levels are broken, Dogecoin may move towards $0.50 or even higher.

Dogecoin price is expected to form a structural bottom.

Long-term chart analysis releases more optimistic signals.

The DOGE/USDT weekly chart shows rising lows and has confirmed a trend line retest. If this pattern continues, the price is expected to break out, with the next round of gains possibly targeting the $1.16 level.



Whale activity sparks speculation of accumulation.

The latest on-chain data supports the trend of Dogecoin re-accumulation.

At the beginning of this week, a large transfer of approximately $17.5 million worth of 100 million DOGE flowed into a private wallet, while the outflow from exchanges surged, which is often seen as a positive signal for long-term holding.

From the wallet distribution perspective, wallets holding 10 million to 100 million DOGE still maintain a diversified buying pace, while large wallets holding 100 million to 1 billion DOGE have switched to a net buying state since April 8.

However, the growth in the number of active addresses has been limited, with the current daily activity only at 3.4% of the peak in November 2023. The low participation of retail investors reflects that the market still faces pressure, with recent price fluctuations mainly driven by institutional and large funds.



Indicators show a discrepancy between the upper limit and actual values.

From early April to May 6, Dogecoin's nominal market cap jumped from $21 billion to $26.4 billion; however, the actual market cap calculated at the latest price slightly fell from $21.5 billion to $21.3 billion.

This data divergence indicates that the recent price increase is more likely due to speculative trading rather than on-chain fundamental support. As the selling willingness of long-term holders has not significantly increased, this round of price increase is more driven by steadfast holders, rather than widespread retail participation.

For Dogecoin, only a stable position above $0.1850 and reaching the $0.20 level can confirm a strong breakout.

Once it successfully breaks above $0.1850, it is likely to challenge the technical levels of $0.28 - $0.30 again; if the market turns fully bullish, it may even target $0.50 or $1.16.