Key Takeaways
- DOGE’s price action in the last few weeks shows encouraging signs of bulls dominating prices.
- If the price of DOGE breaks to the upside of $0.3, we could see a strong bullish push to new highs.
- DOGE’s whale activities and ETF approval could spark a renewed rally, particularly given the low volume.
Dogecoin (DOGE) has experienced a significant decline since 2025, following a price crash from a high of $0.48 to a low of 0.145. However, the price showed strength, rallying from that low to reclaim a key support zone of $0.2 after the price crash.
Recent market price action for DOGE has shown renewed price sentiment to the upside, as rumors of potential ETF approval and increased activity in DOGE active addresses could lead to a price rally to a high of $1, based on market expectations.
Dogecoin (DOGE) Macroeconomic Events And On-chain Activities
The month of May saw the Consumer Price Index (CPI) fall short of market experts’ prediction of 2.5% as the U.S. CPI data was announced to be 2.4%, leading to market volatility and the crypto market experienced quite a surge to the upside as the price of Bitcoin reclaimed its all-time once more as altcoins and memecoins struggle.
However, Dogecoin (DOGE) experienced a price rally toward $0.2 afterward, as the price was expected to break towards its key high of $0.3, but it fell short, trading around $0.187.
Source – DOGE on-chain activities from Glassnode
While the price of DOGE falls short, DOGE on-chain activities have witnessed a staggering 500% surge, indicating that a potential price rally could be heating up, as this has attracted investors and DOGE whales.
This price surge could gain significant momentum if the ETF proposal for DOGE is approved for trading in the U.S., alongside Solana and Ripple, as this would be a major boost for the DOGE price.
Would such a catalyst be enough for the price of DOGE to rally towards its long-sought fantasy price target of $1, which has been discussed for years?
Is DOGE $1 Price Target a Fantasy?
Source – DOGE 1D Price Chart From TradingView
DOGE has had a tough start to 2025, following a price crash of over 70% from its high of $0.48. The price was a few cents shy of breaking past its key zone of $0.5 and then crashed to its low of $0.14.
The price of DOGE has shown strength, rallying towards $0.25, but it was not enough to keep the price trading above this zone, as the price faced stiff resistance around $0.3, preventing it from maintaining its strong bullish rally.
Dogecoin’s price trades above a key support zone despite trading below the 50-day and 200-day EMAs, which would be troubling for whales. If the price of DOGE breaks above $ 0.30, a strong market shift to bullishness is expected in the cryptocurrency market.
Overall market sentiment for DOGE remains bullish in the short term, but the price could see a clear bullish confirmation if DOGE breaks towards the upside of $ 0.30.