Dogecoin Volume Surges – Is a $1 Breakout Imminent?

On-chain data screams volatility: Dogecoin’s trading volume just spiked to levels not seen since the 2021 meme coin frenzy. Whales are circling—retail traders are piling in—and the charts hint at a potential powder keg.

Could May deliver the long-promised DOGE moonshot? Or will this turn into another ’hold my beer’ moment for crypto speculators? One thing’s certain: when the ’people’s coin’ gets this restless, someone’s about to get rich—and someone’s about get rekt.

(Wall Street analysts, meanwhile, are still trying to explain how an asset with a Shiba Inu mascot maintains a $12B market cap.)

Derivatives Market Points to Short-Squeeze

Traders seem to be positioning for a major DOGE rally, with Coinalyze data showing a daily long-to-short ratio of 2.27—70% of traders are betting on a price increase.

Dogecoin Fear and Greed Index is 57 – Greed pic.twitter.com/pSsqzxnoe2

The funding rate, which briefly dipped into negative territory, has now returned to neutral and is poised to turn positive.

This dynamic suggests that investors are increasingly confident about a bullish dogecoin price move. If momentum prevails, these shorts might face forced buybacks, driving the price higher.

Dogecoin Price Analysis: Could DOGE Hit $1 in May?

This renewed bullish sentiment could fuel a MOVE toward the upper resistance of the descending channel that has defined Dogecoin’s multi-month downtrend.

This week’s surge may be the first leg of a 30% climb to $0.23, driven by a rebound from a long-term support trendline marking bottoms since mid-2024.

Momentum indicators further support this outlook.

The MACD is on track for a golden cross, approaching an overtake of the signal line—often signaling a long-term trend shift on such a high time frame.

More so, the Relative Strength Index (RSI) follows suit, trending upward toward neutral after an extended stint in bearish territory, signaling building buying pressure.

If this momentum holds, a breakout could ignite a push toward $0.44, marking a potential 135% gain from current levels.

However, a push to a $1 dogecoin price seems unlikely in the near term, especially as economic concerns tied to US trade relations cast a shadow over risk assets.

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