Highlights:
- Dogecoin is struggling at a critical weekly resistance level
- If it breaches the $0.23 resistance, Doge could rally to $0.35
- Rising investor interest in DOGE could trigger a rally through resistance
Like the rest of the cryptocurrency market, Dogecoin is green today. This is mainly driven by Bitcoin, which usually sets the trend for the rest of the cryptocurrency market. At the time of going to press, Dogecoin was trading at $0.227, up by 1.34% in the day.
Advertisement
Bitcoin Price Action to DOGE’s Direction
As long as Bitcoin stays in bullish territory intraday, the odds are high that Dogecoin could be headed higher in the short term. The big price moves would likely come if Bitcoin were to overcome its weekly resistance. This would be confirmation that bulls are still in control of the market. Such a move would likely see strong capital flows into Dogecoin, the leading meme coin in today’s market. However, there is more to Dogecoin’s bullish potential than Bitcoin’s price action.
Dogecoin Active Addresses Data Sending Bullish Signals
One is the fact that there is genuine investor interest in Dogecoin, even under current market conditions. Data from May 13 shows that the number of Dogecoin active addresses rose by 528% to hit a high of 469,477. Such a surge in the number of Dogecoin active addresses indicates that more people are willing to buy and hold Dogecoin. In the past, a rise in new active addresses has led to a rally in Dogecoin’s price.
Dogecoin addresses skyrocket 528% – but crypto kidnappers are hunting whales in France! 🐳🇫🇷
Will DOGE moon or is your wallet at risk? 🐶🌙
Watch this wild Micro Minute now! 🚀 pic.twitter.com/jpHvEfvTFc
— LDA x Tesseract (@LunarAssets) May 16, 2025
ETF Filing Points to Growing Confidence in Dogecoin
The rising possibility of a Dogecoin ETF also drives the growing excitement around Dogecoin. On May 14, 21 Shares wrote on their socials that they had updated their filing for a Dogecoin ETF. While the SEC is delaying all altcoin ETFs, the fact that they have a Dogecoin ETF filing shows that DOGE’s profile amongst cryptocurrency investors is on the rise. It is a factor that could inspire investor confidence in Dogecoin in the future.
RUMOR 🚨 THE NASDAQ MAY SOON LIST 21 SHARES DOGECOIN SPOT ETF pic.twitter.com/aO1J8G5yxo
— That Martini Guy ₿ (@MartiniGuyYT) May 7, 2025
To add to Dogecoin’s potential, open interest in DOGE is rising. Glassnode data indicates that Dogecoin open interest has shot up by 70% in the last seven days. This shows that despite the lack of significant price action in the previous few days, investor interest in Dogecoin remains strong.
#Dogecoin futures open interest rose 70% to a whopping $1.65 billion.
Indicating strong interest. pic.twitter.com/qIwcZmh05z
— dogegod (@_dogegod_) May 15, 2025
Aggressive Spot Buying Points to Bullish Expectations for DOGE
However, open interest in the futures market is not the only thing sending bullish signals for Dogecoin. The spot market also points to a rising number of investors increasingly seeking out Dogecoin. According to CryptoQuant, Dogecoin’s cumulative volume data over the last three months indicates strong buying. This is a big deal because this last happened in 2024, and the price shot up by over 300% shortly after. As such, volume pointing to taker buyers being dominant hints at a potential parabolic price rally for Dogecoin.
Technical Analysis – Dogecoin Price Struggling Below Weekly Resistance
Dogecoin is trading below a critical weekly resistance at $0.238. If bulls breach this resistance, a short-term rally to $0.35 could follow.
On the other hand, if bears take control, Dogecoin could drop back to the multi-week support at $0.15.
Recap
DOGE is in an interesting position at the moment. While it follows Bitcoin’s price action overall, Dogecoin-specific metrics indicate surging demand. Rising speculative interest in spot and futures markets and rising active addresses are all bullish indicators. This signals that Dogecoin could go parabolic if there is a bullish breakout across the cryptocurrency market.
eToro Platform
Best Crypto Exchange
- Over 90 top cryptos to trade
- Regulated by top-tier entities
- User-friendly trading app
- 30+ million users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Advertisement
