Dogecoin is showing a bullish structure on the 1-week timeframe. It attempted to break through the multi-month high of $0.25 in mid-July but faced selling pressure, forcing speculators to retreat.
Since then, DOGE has not been able to create any additional bullish movement. Although the $0.2 support level has been defended, trading volume has not met expectations.
Whale purchases of DOGE during the price decline have demonstrated the resilience of investors. However, DOGE still cannot keep up with other assets like Bitcoin or Binance Coin, especially as these assets recently set new all-time highs.
On the weekly chart, breaking through the $0.259 level marks a breakout in the bullish structure. At the same time, the weekly RSI has risen above the neutral level of 50, turning into support throughout the past month.
This is a positive sign that the bulls have taken the initiative and are preparing for the next price increase. The OBV indicator has also recorded slight growth over the past month, indicating stronger buying pressure.
Will This Be Enough to Push DOGE Towards $1 in This Cycle?
The monthly chart shows that DOGE failed to defend the $0.35 area as support at the beginning of 2025, reflecting weakness. The area from $0.35 to $0.45 needs to be converted into support to signal sustainable bullish strength, although its long-term structure has maintained an uptrend since 2024.
If DOGE reaches the $1 target by 2025, its market capitalization will be around $116.41 billion, equivalent to BNB at this time, with a market cap of $116 billion. However, it will still be overshadowed by assets like Ethereum, which has a current market cap of $517.18 billion.
To challenge the $5 level by 2030, Dogecoin needs to develop as a real network. Metrics such as the number of active addresses, transaction volume, development activity, and accumulation by long-term investors and whales must be strongly encouraged.
In summary, long-term bullish persistence from investors and the broader cryptocurrency community may be essential to push this memecoin towards the $5 target. Business acceptance, similar to what is happening with Ethereum currently, could also be a significant factor.
However, it is important to note that DOGE remains a memecoin, and its fate depends on excitement and market sentiment. Broad acceptance as a currency, along with its large community and decentralization, may be sufficient to drive value increases in the coming weeks. Nevertheless, DOGE will still be a high-risk, high-reward investment, even for long-term investors.
