Oh, the drama! Dogecoin’s price took a bit of a tumble this week, after a rather impressive run. It plummeted from $0.25 to about $0.21, which is just heartbreaking, isn’t it? 🙁 Traders saw a brief moment of hope when it bounced back to $0.23 around May 17–18, but alas, it was short-lived.
As of today, DOGE is stubbornly sitting at $0.21, marking a 10% weekly drop. But don’t lose hope yet, dear investors! The bigger picture is still looking at a potential renewed uptrend. Fingers crossed! 🤞
Analyst Maintains Bullish Outlook
According to the ever-optimistic Javon Marks, a key trendline gave way in late 2023. This line had been holding Dogecoin back since its glorious $0.70 peak. He says the break has ushered in higher highs and higher lows. (Insert eye roll here.)
A fresh low near $0.15 has held so far, and based on this view, he’s sticking to his $0.65 target, which would mean a whopping 200% gain from $0.21. Marks also mentioned $0.74 and $1.25 as possible future milestones. (Cue the fireworks!) 🎉
$DOGE and a +174% climb to its first target at $0.6533 continues to be in the cards …
— JAVONMARKS (@JavonTM1) May 18, 2025
Resistance Levels Remain Key Barrier
According to market watcher Ali Martinez, the $0.25–$0.26 range is a major hurdle. That zone worked as support in December 2024 but flipped to resistance in early 2025. (Talk about a mood swing!)
Since then, the meme coin has tried and failed to push past it. In February, it hit $0.28 before reversing to below $0.15. A March rally saw a move above $0.19 but stopped short again. The most recent test in May peaked at $0.24 before closing at $0.22. Traders will be looking for a clear close above $0.26 to signal new momentum. (Cross your fingers and toes!) 🤞Toe
On-Chain Activity Sees Strong Uptick
Based on the latest data, wallet activity has jumped sharply. New addresses grew by over 100% in the last seven days. Active addresses climbed by 110%. Even zero-balance addresses rose by 155%, which often hints at fresh participation or address cleanup. (Who knew cleaning up addresses could be so exciting?)
Stretch Targets Face Big Hurdles
Dogecoin’s long-term goals may sound exciting, but getting there won’t be simple. A move to $0.6533 or beyond requires first holding above $0.26. Then it must break $0.28 with real volume behind it. (It’s like a dog trying to jump over a really high fence.) 🐶 Fence
Big price swings could scare some holders into booking profits. Even if the chart lines line up, outside events like social media buzz or exchange listings may be needed to push DOGE past $0.30. (Social media, the ultimate mood ring of the crypto world.)
In the short term, traders will watch whether DOGE can reclaim $0.25 and hold it for a few days. If that happens, the higher-low pattern stays intact. If it falls back below $0.21, the setup could collapse and open the door to further losses. (It’s a rollercoaster, folks!)
For now, the coin sits in a tug-of-war between bullish chart fans and those who see more downside. (May the best dog win!) 🏆
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2025-05-20 07:45