Dogecoin is once again catching the market’s attention, riding a fresh wave of momentum as prices surged over 10% in the past week. Now trading around $0.171, DOGE has reclaimed levels not seen since mid-March.
With an 8.4% daily gain and a 24-hour trading volume exceeding $1.3 billion, the meme-fueled asset is once again making headlines, buoyed by a mix of technical strength and renewed retail interest.
The daily chart shows DOGE breaking above its 21-day exponential moving average, a development that often marks the beginning of a short-term trend reversal.
Price action is pushing up toward the $0.18 level, a key area that previously acted as both support and resistance. Further above lies the 200-day simple moving average, currently near $0.26, which has served as a strong barrier in past cycles.
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BTC/USD Source: Tradingview
Momentum indicators are beginning to align with this move. The Relative Strength Index has climbed to 55, indicating growing bullish pressure without yet entering overheated territory.
However, the Stochastic Oscillator tells a slightly different story—hovering above 95, it suggests the market could be overextended in the short term. The MACD has also just flipped into positive territory, indicating a potential fresh bullish crossover, although the histogram remains shallow and vulnerable to reversal if buyers fail to maintain pressure.
Price Structure and Risk Zones
DOGE’s current rally hinges on its ability to convert the $0.17 level from resistance into solid support. This zone has historically served as a pivot point, and a daily close above it would significantly strengthen the bullish case.
If momentum fades, the coin risks slipping back toward $0.157, with a deeper retracement opening the door for a revisit of $0.14 levels where demand previously stepped in.
A decisive break above $0.18, on the other hand, could trigger a rally toward $0.20, with the $0.26 area as a longer-term target if broader market conditions remain favorable.
Dogecoin Market Sentiment
Dogecoin’s upswing occurs during a broader risk-on move in crypto markets, as Bitcoin stabilizes above the $90,000 mark and speculative sentiment returns to altcoins.
The approach of “Dogeday” on April 20th played a role in reigniting community activity, with open interest in DOGE futures jumping 58% over the weekend. Even as spot prices slid intraday, derivatives markets showed traders were aggressively repositioning in anticipation of upward volatility.
Fueling this momentum is the growing speculation around a potential DOGE ETF. Although optimism has cooled slightly, with Polymarket odds dropping from 75% to 52% for approval before year-end, the narrative remains a major driver of short-term flows.
Bitwise, Grayscale, and other firms have already filed, and any indication of regulatory progress could act as a catalyst. Elon Musk’s ongoing affinity for Dogecoin remains a persistent wildcard, capable of shifting market sentiment with a single post.
