Dogecoin (DOGE) Has Pulled Back to Around $0.20, Marking a 10% Decrease

Despite this short-term weakness, several crypto market analysts remain optimistic about DOGE's future price action. Their forecasts range from conservative targets around $0.50 to more ambitious projections exceeding $1.

Dogecoin (DOGE) has pulled back to around $0.21, marking a 10% decrease over the last week. The cryptocurrency briefly touched $0.23 in mid-May but failed to maintain momentum, leading to a retreat to current levels.

Despite this short-term weakness, several crypto market analysts remain optimistic about DOGE’s future price action. Their forecasts range from conservative targets around $0.50 to more ambitious projections exceeding $1.

Dogecoin currently holds a market capitalization of approximately $32.6 billion, securing its position among the larger digital assets by value.

Crucial Breakout Point For Dogecoin

Technical analyst Javon Marks highlights a crucial development from late 2023, when DOGE broke through a long-standing trendline that had limited its upward movement since reaching its previous peak near $0.70.

This breakout, combined with a pattern of higher lows, forms the basis of Marks’ $0.65 price target. Such a move would represent a 174% increase from current levels.

Marks also mentions further potential targets at $0.74 and $1.25, suggesting confidence in DOGE’s long-term upward trajectory.

$DOGE (Dogecoin)'s Next Targets Remain At:

$0.6533$0.74 (All Time Highs)$1.25111 https://t.co/LjUINeWyeL pic.twitter.com/RY1gNFfAbC

— JAVON⚡️MARKS (@JavonTM1) May 2, 2025

Another analyst identifies the $0.25-$0.26 price zone as the primary hurdle for Dogecoin. This area functioned as support in December 2024 before flipping to resistance in early 2025.

DOGE has tested this level multiple times in recent months without success. February saw a push to $0.28 that ultimately reversed to below $0.15, while a March rally managed to reach $0.19 before losing steam.

The most recent attempt occurred in May, with prices reaching $0.24 before settling lower. Traders are now watching for a clear break and close above the $0.26 level to confirm renewed bullish momentum.

On-chain data reveals growing activity within the Dogecoin network. New wallet addresses have increased by more than 100% over the past seven days.

Active addresses have seen similar growth, climbing by 110% during the same period. Even zero-balance addresses rose by 155%, which may indicate new market participants entering the ecosystem.

While increased on-chain metrics don’t guarantee price appreciation, they typically suggest heightened interest and engagement with the cryptocurrency.

Alternative Bullish Perspectives

Crypto analyst Marco Polo describes DOGE’s current setup as a “classic move” that could propel prices toward $0.50. According to Polo, Dogecoin has broken out from a falling wedge pattern, with a possible retest before continuing higher.

Polo notes that DOGE has maintained a crucial trendline for over a year and has established higher lows since June 2023. He believes the path to $0.50 becomes “wide open” if DOGE can reclaim and hold above the $0.25 range.

$DOGE is setting up for a classic move.

Breakout from the falling wedge ✅Retest incoming.Structure intact, trendline holding for over a year.

Chart looks clean:

Higher lows since June ‘23Clear diagonal breakoutIf it reclaims $0.25 range, next leg toward $0.50 is wide open… pic.twitter.com/LP2MfjFcFC

— Marco Polo (@MarcoPoloMaps) May 17, 2025

Another analyst known as Master Kenobi expresses strong confidence in DOGE’s prospects, suggesting it would be unwise to hold bearish views at this stage. His technical analysis indicates potential for DOGE to reach much higher levels if it follows the upper trendline of an ascending channel pattern.

Kenobi’s charts suggest DOGE could mirror a parabolic move similar to November 2024, when the cryptocurrency rallied to just under $0.50. He expects the next upward move to reach at least $0.45.

Trader Tardigrade points to a channel breakout that has historically preceded major price surges for DOGE. His analysis suggests a target of $1 for the current price cycle.

In a separate analysis, Tardigrade examines DOGE’s 2-month Bollinger BandWidth (BBW), which he describes as “fascinating” and indicative of upcoming price volatility. His long-term projections include extreme targets as high as $30 by 2026.

Technical Hurdles Ahead

For Dogecoin to achieve these