Is A Dogecoin Breakout To $0.30 Brewing?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Chartist Ali Martinez warns of a possible dip to $0.213, while others see a breakout to $0.30 or higher.
Dogecoin could break out of multi-month consolidation as key metrics and ecosystem momentum surge.
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Dogecoin DOGE/USD may be gearing up for a significant rally, with analysts pointing to $0.30 as the next major resistance if the meme coin can hold current support levels.

What Happened: Trader Altcoin Sherpa noted that DOGE recently broke out after two months of sideways trading.

Unlike similar setups in late 2024, this move is underpinned by macro and election catalysts.

He emphasized that the next few weeks are crucial:

If DOGE holds current levels, he expects a push to $0.30.
If support fails, a drop to $0.15 is likely.

Crypto General added that Dogecoin's breakout appears strong but expects a retest of the trendline before launching a larger rally. His entry plan is on the retest, targeting $0.30.

Trader Tardigrade highlighted DOGE's current consolidation just below resistance, forming a textbook breakout structure. He expects the price to test resistance multiple times before breaking through, setting his next target at $0.40.

On the bearish side, Ali Martinez warned of a potential pullback to $0.213, citing technical signals that suggest the price may revisit a key support zone before any further upside.

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Also Read: Dogecoin Down 1% But This Pattern Signals A Breakout Is Imminent

Why It Matters: Coinglass data shows Dogecoin open interest increased by 1.7% to $2.6 billion in a single day.

Liquidation sin the past 24 hours stood at $6.14 million, with $4.07 million in long liquidations.

Glassnode data shows Dogecoin active addresses up from 61,892 on May 7 to 674,527 as of May 14, implying a 990% spike in a week.

DOGE futures open interest surged more than 66% over the past week to $1.65 billion.

Coinbase announced that wrapped Dogecoin (cbDOGE) will launch on the Base network, its Layer-2 Ethereum scaling solution. This could unlock new institutional and DeFi integrations, further boosting DOGE’s ecosystem appeal.

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