Dogecoin Traders Anticipate Potential Upswing – Evaluating the Likelihood of DOGE’s Upward Movement

As of April 19, 2025, Dogecoin (DOGE) traders are closely monitoring the market for signs of a bullish breakout. The meme-inspired cryptocurrency has shown resilience amid recent volatility, prompting speculation about a possible upward trajectory. Analysts are assessing key technical indicators, including support and resistance levels, trading volume trends, and market sentiment, to gauge the probability of DOGE sustaining a rally. Factors such as whale activity, exchange inflows/outflows, and broader crypto market conditions are also being considered in evaluating DOGE’s near-term prospects. While historical patterns and on-chain metrics provide some optimism, traders remain cautious due to the inherent unpredictability of meme coins. The coming weeks could prove decisive for DOGE’s price action as it tests critical psychological thresholds that may determine its next major move.

Source: CoinGlass

On top of that, Aggregated Open Interest surged from $698 million to $713 million. Naturally, this spike reflected growing leverage and rising trader confidence in a potential price rebound.

Of course, prices hadn’t reacted yet. However, increased speculation often hinted at smart money positioning ahead of major directional moves.

Is Dogecoin set for a breakout?

Looking at the Futures market performance, it suggests that investors are anticipating a major move. The question is: will DOGE see a downward move or an upswing?

According to AMBCrypto’s analysis, these investors are mostly optimistic and expect a move to the upside.

For starters, Dogecoin is seeing an increase in buying pressure.

Looking at order imbalance, the positive index has made a bullish crossover on the daily charts. This shows that there are more buy orders executed in the market than sell orders.

Thus, buyers are in control of the market, reflecting growing demand.

Source: MobChart

Additionally, Dogecoin’s traders are mostly getting into the market and taking long positions. As such, the Long/Short Ratio stood at 68.9% longs vs. 31% shorts, per Coinalyze.

When longs dominate, it suggests that investors are bullish and expect prices to appreciate in the NEAR term.

Source: Coinalyze

With buyers dominating the market while futures are spiking, Doge is seeing an upward momentum start to build up.

We can see this build-up as the memecoin’s Stoch RSI has made a bullish crossover over the past day. A bullish crossover here signals a potential move to the upside as momentum strengthens.

Source: TradingView

The prevailing market conditions position Dogecoin for gains on its price charts.

If the shift in momentum holds, Doge will reclaim $0.164. Subsequently, if the attempt to the upside fails and becomes a breakdown, the memecoin could drop to $0.50.