Dogecoin (DOGE) Gains Momentum Both on the Charts and on the Track

From a bullish pattern setup to a major racing event appearance, let's explore what's happening.

Dogecoin has been making headlines both in the cryptocurrency charts and in the world of motorsport. From a bullish pattern forming on the token’s price chart to a presence at a major racing event, here’s a breakdown.

Dogecoin Price Poised For 46% Rally As Bullish Flag Forms

Dogecoin (CRYPTO: DOGE) is showing signs of bullish continuation as it forms a bullish flag pattern on the price chart. If confirmed, this pattern may result in a breakout rally of nearly 46% from the current price of $0.2303, targeting around $0.3350.

Currently, DOGE trades just above the 50-period Exponential Moving Average (EMA), which is positioned at $0.2274. This EMA level acts as dynamic support. However, the immediate resistance lies near $0.2533, marked by the solid horizontal blue line (not the dotted one shown higher on the chart).

The price must break above both the upper red trendline and the $0.2533 resistance to validate the bullish continuation. A successful breakout would activate the projected 46% target area near $0.3350.

Meanwhile, the Relative Strength Index (RSI), a momentum indicator, reads 53.43. It sits slightly above the neutral 50 line, suggesting mild bullish momentum without being overbought.

Dogecoin’s price structure shows upward pressure, supported by the recent breakout attempt and consolidation within the flag. Volume remains steady at 29.51 million, backing the potential for upward continuation if momentum sustains. The breakout level and $0.2533 resistance will be key zones to observe.

Dogecoin Mascot Appeared On Indy 500 Car In Support Of Children’s Charity

Dogecoin returned to the motorsport spotlight at the Indianapolis 500 on May 25. The meme coin’s mascot and branding appeared on Devlin DeFrancesco’s IndyCar, part of a charity-driven campaign that raised over $26,000 for Riley Children’s Foundation.

The initiative was organized by the Dogecoin Foundation in partnership with House of Doge, DeFrancesco’s racing team Rahal Letterman Lanigan Racing, and the Indy 500 organizers. Fans had the opportunity to select the final car livery through an online vote, choosing the “Blaze” design over two other options. The same branding was used for both the car and DeFrancesco’s helmet during the race weekend.

In the lead-up to the event, the campaign collected 117,947 DOGE, which at the time was worth around $26,000, to support the neonatal intensive care unit at Riley Children’s Health. Among the contributors was NFL Pro Bowler Dion Dawkins, who donated 8,000 DOGE via a self-custodial wallet that was created during the race weekend.

After the race, DeFrancesco is planning to auction his Dogecoin-themed helmet, with the proceeds going to the hospital. The driver has a personal connection to neonatal care, having spent four months in an incubator at Sunnybrook Hospital in Toronto as a newborn.

Dogecoin’s presence at the Indy 500 follows previous instances of motorsport sponsorship, notably a NASCAR car in 2014 and another entry in 2021. The initiative also highlights the growing trend of cryptocurrency branding in sports. In 2024, Polkadot had a presence on Conor Daly’s IndyCar, while several major teams across sports leagues have introduced crypto payments and sponsorship deals.