Dogecoin (DOGE) May Ambitions Exposed: Aiming for $1, Is It a Pipe Dream?
This week, Dogecoin's trading volume more than doubled, surpassing $1.9 billion.
This performance has brought Dogecoin back into the public eye, once again becoming an attractive cryptocurrency investment target, with its price rising over 7% on May 9, 2025.
After the Federal Open Market Committee meeting, market activity significantly increased, and although the policy stance is firm, there is uncertainty. Meanwhile, expectations for US-UK trade negotiations have improved, creating a more favorable growth environment for Dogecoin.
Dogecoin investors are turning bullish, and the derivatives market is signaling a 'short squeeze.'
A large number of investors are preparing for a rise in Dogecoin's price, with the current daily ratio of bulls to bears at 2.27, meaning that as much as 70% of investors are betting on a rise in Dogecoin's price.
At the same time, the funding rate, which was once negative, has now returned to a neutral level and is likely to turn positive in the short term. This change reflects the growing confidence among investors in the upward trend of Dogecoin's price.
The recent rise in Dogecoin may just be the beginning of a more than 30% increase, heading towards $0.23, thanks to a long-term bottom rebound that has been acting as price support since mid-2024.
Various technical indicators continue to confirm a positive trend. The MACD indicator is about to form a golden cross and is trending above the signal line, which often signifies a change in the long-term trend.
At the same time, the RSI indicator is continuously rising, returning to the neutral zone after being in the oversold area for a long time, showcasing strong buying power.
If this trend continues, once key resistance levels are broken, Dogecoin's price is expected to rise to $0.44.
