Dogecoin (DOGE) Price Hovered Near $0.217 on May 21

Dogecoin (DOGE) hovered near $0.217 on May 21, slightly down from its local high of $0.26

Dogecoin (CRYPTO: DOGE) price hovered slightly below $0.217 on Monday, pulling back from a local high of $0.26 hit on May 11. The memecoin slid around 5% from a May 19 high near $0.236 but remained more than 40% month-to-date.

Dogecoin’s resilience stood out in a market where most large-cap tokens, including Bitcoin and Ethereum, pulled back after last week’s brief surge. Memecoins showed mixed behavior, with Shiba Inu (CRYPTO: SHIB) gaining nearly 25% in seven days—aided by strong volume pushing it through key resistance—while PEPE saw a 7% retracement from last week’s highs.

The divergence showcased capital rotation across the memecoin spectrum, as traders recalibrated positions following the broader market’s consolidation phase.

Dogecoin, however, remained one of the few tokens holding steady amid the volatility. Futures open interest remained elevated, and spot volumes continued to support the range. On-chain data showed a recent whale outflow of over 170 million Dogecoin, triggering speculation about short-term distribution, but technicals remained constructive.

The optimism was also reflected in social media sentiment, which had turned bullish again. Mentions of a breakout above $0.24 grew across Reddit and X, but the mood appeared to be driven by expectations rather than confirmed catalysts.

Dogecoin price action signaled strength as the memecoins jockeyed for dominance in a fragmented rally.

Token Faces Crucial Breakout Test After Triangle Rejection

Dogecoin price continued to trade within a bullish ascending triangle pattern. The structure, defined by a flat horizontal resistance and a rising trendline support, showed an accumulation phase that usually precedes a breakout. In this setup, bulls repeatedly tested overhead resistance while defending higher lows, indicating demand was building underneath the supply zone.

The pattern’s upper boundary, plotted at $0.242, acted as key resistance since early May 2025. Dogecoin price attempted to break above it on May 10 but faced rejection at the 0.618 Fibonacci retracement level from the local top.

The confluence likely increased the selling pressure, pushing the price back inside the structure. As a result, the breakout attempt stalled, but the price did not invalidate the bullish structure. A break above the immediate resistance could help Dogecoin price target the resistance at $0.266.

Dogecoin now had dynamic support from its 200-day exponential moving average (green wave), which was just above $0.216. The immediate horizontal support was at $0.2088, aligning with the 0.382 Fibonacci retracement. A deeper pullback would bring the ascending triangle’s trendline and the $0.19 zone into focus as the next major support.

The projected price target—marked on the chart—was derived using the standard method for ascending triangles: measuring the vertical distance between the base of the pattern and the resistance line, then extending that range upward from the breakout point. This method showed the potential strength of the breakout, assuming momentum and volume confirmed the move.

The structure remained unconfirmed until Dogecoin decisively broke above the $0.242 resistance. But as long as price held the pattern’s higher lows and critical moving averages, the bullish bias remained intact. A successful breakout would open the door to a larger upside move.

Traders Continue To Bet On Dogecoin Rally

Dogecoin price action in May triggered optimism among retail traders and technical analysts as the token remained in the green even as broader memecoin sentiment showed mixed behavior. Dogecoin fans also leaned into the bullish outlook, highlighting historical chart structures, improved on-chain support, and a new mining development as key drivers.

One X analyst, known as Trader Tardigrade, pointed out a Bullish Expanding Triangle on the 3-day chart, showing Dogecoin pushing against resistance around $0.255. The trader noted higher highs and lower lows, adding that the structure could enable a breakout to $0.28 or higher.

The chart post attracted other Dogecoin fans across trading circles. While some users warned about the token’s reputation and history of scams, the underlying price structure matched Dogecoin’s tendency to rally quickly once technical conditions flipped.

Another trader shared a monthly chart that showed Dogecoin price holding above its 20-month and 50-month exponential moving averages at $0.1814 and $0.0855. The Relative Strength Index pulled back from overheated levels, settling at 60—well below its 2025 high of 83.4. The author, who shared their analysis on Tradingview, projected a continuation toward Oct. 2025, arguing that the current cycle mirrored 2021’s trendline recovery.

The bullish thesis was further supported