Dogecoin (DOGE), the most famous meme coin in the crypto market, has just recorded an impressive 24% increase over the past week, bringing the current price to around $0.247 – up nearly 11% in just the last 24 hours. The strong resurgence of DOGE is attracting attention from the investment community, especially as technical signals indicate the potential for continued growth in the short term.
Strong technical signal: 'Bull Flag' pattern and breakout from the price channel
According to technical analyst Trader Tardigrade, DOGE's 4-hour chart has formed a 'bull flag' pattern – a popular continuation pattern in technical analysis. Specifically, the price rose from $0.20 to $0.24 to create the 'flagpole', followed by a slight downward correction, forming the 'flag'. Currently, DOGE has broken out of the correction channel, indicating that the upward momentum may continue.
Tardigrade sets a short-term price target of $0.295, with support levels at $0.23 and $0.22, while immediate resistance lies at the $0.25 level.
$Doge/4-hour#Dogecoin Bull Flag Breakout, targeting $0.295 🔥 pic.twitter.com/QlYb5fNHS1
— Trader Tardigrade (@TATrader_Alan) August 12, 2025
Ali Martinez: DOGE could reach $0.27
Famous analyst Ali Martinez also provided a similar perspective on the hourly chart. He pointed out that Dogecoin has just escaped from a descending price channel after bouncing off the Fibonacci retracement level of 0.618 around $0.23 – an important technical threshold.
Based on Fibonacci extensions, he forecasts that DOGE could move up to a target price range of $0.25 to $0.28, with $0.27 being the key level. Martinez emphasized that this positive outlook will remain valid if the price stays above the breakout zone, reinforcing the current upward trend.
$0.27 next for Dogecoin $DOGE! https://t.co/bKkOj6fz2zpic.twitter.com/Z5MXTOA2fG
— Ali (@ali_charts) August 12, 2025
The 'Golden Cross' signal appears
Another optimistic signal comes from the daily timeframe, where the 50-day simple moving average (SMA 50) has crossed above the 200-day SMA, forming a pattern known as a 'golden cross' – a sign that a long-term upward trend may be starting.
Trader Tardigrade noted that the most recent 'golden cross' at the end of 2023 led to a strong price increase, and currently, the $0.20 level – where the crossover occurred – is acting as a strong support zone for DOGE.
$Doge/daily#Dogecoin confirms a Bullish Crossover on the daily chart.
A decent surge could occur at this point.— Trader Tardigrade (@TATrader_Alan) August 12, 2025
Data from Coinglass shows that derivative activities related to Dogecoin are booming, reflecting increased bullish sentiment in the market. In the past 24 hours, the open interest (OI) of futures contracts reached $3.5 billion, an 8% rise, while the OI of options contracts also recorded an impressive increase of 37%, reaching $3.1 million. Notably, the trading volume of options surged by 80%, hitting $932.4 million – indicating strong participation from institutional investors and professional speculators.
At the same time, on-chain data reveals that large wallets have quietly accumulated over 1 billion DOGE in recent sessions, equivalent to about $200 million. The holdings from this group now account for nearly half of the total circulating supply – a move seen by analysts as a clear sign of long-term confidence and a solid accumulation strategy from market 'whales'.
Market reversal expectations: DOGE ETF is no longer a prerequisite
Previously, Dogecoin had fallen into a state of sluggish trading due to the market lacking momentum, largely stemming from the weary wait for specific moves from the U.S. Securities and Exchange Commission (SEC) regarding a potential DOGE ETF. However, thanks to a recent strong price surge with daily trading volume skyrocketing to $3.45 billion, the pessimistic atmosphere has somewhat dissipated, making way for cautious optimism.
Instead of solely focusing on policy factors, investors are now shifting their attention to closely monitoring technical signals and on-chain accumulation behavior – factors that inherently have a more direct impact on price fluctuations in the short and medium term. With the convergence of numerous positive signals such as the 'bull flag' pattern on the short-term chart, breakout from the correction price channel, the emergence of a 'golden cross' on the daily timeframe, along with strong inflows from major investors and high derivative activity, Dogecoin is reaffirming its upward price trend.
Although the $0.25 level remains an important resistance in the short term, if this barrier is convincingly surpassed, DOGE could very well target the next price range between $0.27 and $0.295 in the upcoming sessions.