Dogecoin Surges 35% as Analysts Predict $1 Price Target by Summer

Dogecoin's price increased from under $0.169 on May 8 to over $0.248 by May 12, marking a 35% gain in one week. Analysts are observing potential for further growth based on various technical indicators.

Breakout Above Long-Term Barrier

Dogecoin has surpassed a descending trendline that limited gains since January 2025, potentially establishing a new support level.

Ichimoku Cloud Turns Support

The Ichimoku cloud indicator has turned bullish, indicating that previous resistance may now act as support for future price increases.

Fibonacci Levels Point Higher

Fibonacci extensions suggest key levels at $0.69 and $0.81, which could serve as target prices if the upward trajectory continues.

Forecast Puts $1 Within Reach

An analyst predicts Dogecoin could reach $1 by the end of summer, requiring a 320% rise from its current $0.2317 price, potentially increasing its market cap from $34.5 billion to nearly $150 billion.

Network Activity Ramps Up

On-chain data shows significant increases: new addresses up over 100%, active wallets up 110%, and zero-balance addresses up 154%, indicating growing retail interest.

Futures Traders Stay Busy

Futures open interest for Dogecoin rose from $989 million to $1.62 billion, maintaining momentum despite recent price fluctuations.

Other Voices Eyeing $1 Mark

Some studies indicate a possible $1 mark for Dogecoin in 2025, with projections suggesting a price target of $0.80 based on historical patterns.

What This Means For Traders

While momentum is building, caution is advised as trendlines can reverse, and Fibonacci levels are not guarantees. Effective risk management remains essential.