Recently, Dogecoin (DOGE) has encountered a significant pullback after several weeks of strong upward movement, falling from a high of $0.25 to nearly $0.21. Despite a brief rebound between May 17 and 18, where the price briefly reached $0.23, it quickly fell back again, and the momentum could not be sustained.
As of the time of writing, the DOGE price remains around $0.21, with a weekly decline of about 10%. Current market investors are focusing more on the macroeconomic environment and policy direction, hoping to capture signals indicating the next round of a bull market.
The technical outlook remains optimistic, with analysts targeting prices as high as $0.65.
Analyst Javon Marks stated that DOGE has broken through the long-term trend resistance line extending from its historical high (around $0.70) by the end of 2023. This trend line had long served as an upward resistance for the price, and this breakthrough means that Dogecoin's technical structure has undergone a positive change, showing higher lows and higher highs, consistent with typical bullish trend characteristics.
Max believes that DOGE has formed a solid bottom in the $0.15 area, and if the market conditions cooperate, its price is expected to rise to $0.65, which is nearly a 200% increase from the current price. Additionally, he pointed out that if the upward momentum continues, $0.74 or even $1.25 could become important target areas in the future.
Resistance levels remain a key obstacle
According to market observer Ali Martinez's report, the range of $0.25 to $0.26 is a major resistance level. This range was a support level in December 2024 but turned into a resistance level at the beginning of 2025.
Since then, this meme coin has been trying to break through this level but has not succeeded. In February, it touched $0.28 and then fell back below $0.15. The rebound in March briefly surpassed $0.19 but ultimately stalled.
The last test was in May, reaching a high of $0.24 and ultimately closing at $0.22. Traders will seek a clear close above $0.26 for the currency pair to signal new upward momentum.
On-chain activity is experiencing strong growth
According to the latest data, wallet activity has significantly increased. In the past seven days, the number of new addresses has grown by over 100%. The number of active addresses has increased by 110%.
Even zero-balance addresses have increased by 155%, which usually indicates new participants or addresses being cleared. A higher number of on-chain addresses does not always mean price increase, but it does indicate that more users are re-engaging with transactions.
Extended goals face huge obstacles
Although the long-term outlook for Dogecoin's rise seems promising, achieving these goals still faces numerous challenges. To challenge the price levels of $0.6533 or even higher, it must first stabilize above $0.26 and effectively break through $0.28, with significant trading volume support.
However, the sharp fluctuations in price may shake some investors' confidence, leading them to choose to take profits and exit during the upward process. Even though the technical setup supports upward movement, breaking through $0.30 still relies on external catalysts such as social media buzz, significant positive news, or mainstream exchange support expansions.
On a short-term basis, market participants are closely watching whether DOGE can regain and maintain the $0.25 level for a period. If successful, the existing upward structure will remain intact; however, if the price drops below $0.21, the original trend pattern may be broken, leading to further downside risks.
Currently, Dogecoin is in a crucial tug-of-war between bulls and bears, with the market yet to clearly choose a direction, and a cautious atmosphere remains prevalent.
Lastly, don't forget to follow, everyone! Let's achieve financial freedom together in this round of the bull market, okay!
