Dogecoin (DOGE) has experienced notable turbulence over the past week

By Ali Martinez. Updated May 17, 2025 at 12:00 a.m. PDT.

Dogecoin (DOGE) price has experienced notable turbulence over the past week, slipping by more than 11% amid broader market volatility.

While short-term losses have sparked concern among retail traders, technical analysts and blockchain activity suggest that DOGE may be positioning itself for a much larger move.

Dogecoin price analysis: Bulls await $0.225 Kijun-sen breakout

Over the past few days, Dogecoin has slipped from a local high of $0.25 to hover around the $0.2161 mark, reflecting a strong pullback after a sustained rally earlier this month.

Despite this decline, it has not yet invalidated the broader bullish structure that analysts have been tracking over recent months.

On the four-hour chart, DOGE is currently trading within a defined falling wedge pattern, which is widely regarded as a bullish formation when confirmed by a breakout.

Highlighting this setup, an analyst on X has noted that Dogecoin’s price has compressed between descending resistance near $0.219 and support just above $0.212, forming a tightening range.

4h $DOGE FW pic.twitter.com/aBCf1y5jaO

— #333kByJuly2025 (@CarpeNoctom) May 17, 2025

This compression is also evident in the Ichimoku Cloud indicators, with the price trading in the equilibrium zone between the Kijun-sen (baseline) and Tenkan-sen (conversion line).

The high-confluence support zone between $0.212 and $0.214, further bolstered by the Ichimoku Span B, has already prompted intraday rebounds, hinting at strong buyer interest.

Conversely, resistance at the upper wedge boundary coincides with the Kijun-sen at $0.225, setting up a well-defined ceiling that needs to be breached for bullish momentum to resume.

Dogecoin price outlook: Towards $0.65 or deeper fib levels

If Dogecoin manages a decisive four-hour candle close above $0.219, Ali Martinez believes that the coin could quickly target the previous supply zone between $0.24 and $0.26.

This is a major area of resistance for #Dogecoin $DOGE. A breakout here could spark a new bull run!Don't wait for the breakout; instead, prepare for it! Go to @coinexcom, sign up using my referral link https://t.co/73n8mW9Y5p, and join me in this trade.

— Ali (@ali_charts) May 15, 2025

However, a breakdown below the $0.205 support level would likely open the door to steeper declines, potentially revisiting the April pivot low near $0.185.

From a medium-term perspective, Dogecoin’s weekly chart paints a more optimistic picture, especially as the token recently closed above the Bull Market Support Band.

This band, defined by the 20-week simple moving average and a two-sigma envelope, has acted as a major barrier since early February, with recent price action flipping it into provisional support.

Chart: Cantonese Cat

Pointing out this development, analyst Cantonese Cat highlighted that a second consecutive weekly candle closing above $0.22378 would be needed to confirm a broader trend reversal.

Despite the pullback from $0.25, the midline of the Bollinger Bands, which overlaps with the Bull Market Support Band, remains the primary pivot point for sustained bullish follow-through.

This view is supported by long-term chart patterns, which suggest that Dogecoin has already completed a breakout above a multi-year descending resistance in late 2023.

According to analyst Javon Marks, this structural change, marked by higher highs and higher lows, confirms a bullish reversal from the extended bear market that began after its 2021 peak.

$DOGE and a +174% climb to its first target at $0.6533 continues to be in the cards ?… https://t.co/7Jt82s0jLy

— JAVON⚡️MARKS (@JavonTM1) May 18, 2025

Marks also pointed out that the recent correction found support at $0.16, establishing a higher low that strengthens the case for a continued uptrend.

Based on these developments, Marks has maintained a projected price target of $0.6533, representing a potential 174% increase from current levels.

He also noted that Dogecoin could eventually revisit its previous all-time high of $0.74 and even extend gains toward $1.25 if momentum builds and market sentiment improves.

Still, another layer of resistance remains between $