A bullish formation on Dogecoin’s weekly chart has sparked speculation among traders that the coin could rally by as much as 180%.
Over the past week, Dogecoin has closely followed Ethereum’s upward momentum, gaining 38% in May—its strongest monthly performance so far this year. CoinGecko data shows DOGE posted $4.7 billion in 24-hour trading volume, placing it fifth among top non-stablecoin cryptocurrencies.
This market momentum is supported by encouraging on-chain signals. CryptoQuant data reveals that DOGE’s 90-day spot taker cumulative volume delta (CVD)—which gauges the net buying versus selling pressure—has shifted in favor of buyers. This indicates that aggressive buying activity is outweighing selling pressure, a trend last observed in November 2024, just before DOGE soared 385% to $0.48.
Another indicator adding to the optimism is the long-term holder net unrealized profit/loss (NUPL), which recently crossed the 0.5 mark for the first time since March 1, 2025. NUPL above 0.5 signals that most long-term holders are in profit and may be less likely to sell, reinforcing a belief-driven market sentiment that helps sustain prices.
Combined, these metrics point to strong investor demand and accumulation, likely fueling DOGE’s latest surge.
Is a Major Rally Ahead?
According to anonymous analyst Trader Tardigrade, Dogecoin’s chart relative to Bitcoin (DOGE/BTC) is showing a bullish setup that mirrors its historic parabolic run from $0.0024 to $0.739—a nearly 30,000% rally. Tardigrade believes Bitcoin’s current uptrend may transition into a consolidation phase, setting the stage for a significant Dogecoin breakout in the following weeks.
Historical data from Macroaxis supports this, noting a 0.67 correlation between DOGE and BTC over the past three months—suggesting Bitcoin’s movements heavily influence Dogecoin’s price trajectory.
Tardigrade also noted that DOGE’s weekly MACD has triggered a bullish crossover for the third time since 2024. Past instances of this signal have been followed by major price jumps: a 180% rally between January and March 2024, and a 385% spike from September to December 2024. The next major price target? $1.
Echoing this view, crypto trader Javon Marks highlighted that Dogecoin is flashing strength after forming a series of higher lows. He expects the memecoin to reach $0.65 soon—its highest level since May 2021—with the potential for a 180% gain and possibly more if DOGE breaks key resistance levels.
Marks concluded:
“Dogecoin is showing serious momentum. A move to $0.6533 would mark a nearly 180% surge, and if it breaks higher, $1 or more is absolutely on the table.”
