Renewed Momentum for Dogecoin

Dogecoin (DOGE) has regained market attention as it picks up momentum following weeks of consolidation. After trading in a tight range, the cryptocurrency recently broke through a key resistance level in early May. This movement coincides with increasing network activity and renewed optimism fueled by an updated Dogecoin ETF filing, setting the stage for a possible rally toward $0.30.

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Surge in On-Chain Activity

On May 13, Dogecoin’s on-chain metrics showed a remarkable increase. Active DOGE addresses surged by over 500% in a single day, jumping from roughly 74,000 to nearly 470,000. This spike followed the updated spot Dogecoin ETF filing by 21Shares, which the U.S. Securities and Exchange Commission (SEC) officially acknowledged. While the ETF is not yet approved, the acknowledgment has reignited investor interest.

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Price Movement and Technical Strength

In response, DOGE’s price rallied from approximately $0.17 in early May to a recent high near $0.26. The price has since pulled back slightly and is currently holding steady around $0.23 to $0.24. This price action reflects underlying technical strength, distinguishing this rally from previous meme-driven surges.

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Critical Support at $0.22

The $0.22 to $0.23 range now represents a crucial support level. Earlier this year, DOGE struggled to surpass $0.16 but converted that resistance into support in mid-April, enabling further gains. Holding above this support zone indicates strong buyer interest and helps sustain the rally.

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Resistance and Path to $0.30

The next significant resistance lies between $0.25 and $0.26, where DOGE recently faced rejection. A decisive break above this level, supported by strong volume, could open the door for an advance toward the $0.30 target.

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Broader Market Conditions Support DOGE

Dogecoin’s recent price action benefits from a more favorable market environment. Bitcoin has remained stable above $60,000, bolstering overall market sentiment. With Bitcoin’s steadiness, traders are increasingly looking toward altcoins like DOGE for higher-risk, higher-reward opportunities.

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Conclusion: Fundamentals Back the Rally

Alongside ETF speculation and rising network activity, Dogecoin’s rally is driven by tangible factors beyond meme hype. If current momentum continues and key technical levels hold, $DOGE has a strong chanceof testing the $0.30 threshold in the near term.

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