The price of Dogecoin surged sharply last week, rising from under $0.169 on May 8 to just over $0.248 on May 12, a gain of 35% in seven days. Traders and investors are watching closely, as some charts and on-chain data indicate more upside potential.
Break Above Long-Term Barrier: According to chart observers, Dogecoin has surpassed a downward trend line that had limited gains since January 2025. With prices now above this line, some see new support for DOGE's price action.
Fibonacci Levels Point Upward: Analysts have traced Fibonacci extensions on the recent move. The 1.618 level is at $0.69 and the 2.0 level at $0.81. If Dogecoin follows this path, these lines could mark significant stops on the way up.
Forecast Places $1 Within Reach: An independent analyst predicts that DOGE could reach $1 by the 'end of summer' this year, which would require a 320% increase from the current price of $0.2317. If this happens, the market value could rise to nearly $150 billion, compared to approximately $34.5 billion today.
Futures Traders Remain Active: Open interest in Dogecoin futures has increased from $989 million to $1.62 billion. This represents a significant change compared to the period from February to April when interest in futures and the DOGE price moved up and down together.
What This Means for Traders: Momentum is clearly building, but history warns against excessive optimism. Trend lines can be broken with low volume and snap back in place. Fibonacci levels offer guidance, not guarantees. And on-chain spikes sometimes come from short-term bots or wash trading. That said, a clear move above these technical obstacles could pave the way for larger swings.
