DOGE Surges Amid Market Optimism: Could $0.20 Be the Next Stop?

Jakarta, Pintu News – Dogecoin price rose more than 10% today and traded at $0.1964, attracting market attention amid a recovery trend.

Technical signals and trader sentiment favoring this recovery rally put Dogecoin on track to break the $0.20 mark. With nearly 70% of accounts on Binance holding long positions on DOGE, the meme coin is expected to surge sharply.

Dogecoin Price Rises 10.71% in 24 Hours

On May 9, 2025, Dogecoin saw a sharp 10.71% rise in just 24 hours, climbing to $0.1964, or around IDR 3,256. Throughout the day, DOGE traded between a low of IDR 2,938 and a high of IDR 3,262, reflecting strong momentum in the market.

At the time of writing, Dogecoin’s market cap stands at around $29.41 billion, with trading volume rising 181% to $2.01 billion within 24 hours.

Read also: Bitcoin Blasts Past $100K! Is $109,000 the Next Stop for BTC?

Dogecoin Price Rally Aims for $0.20

Dogecoin (DOGE) bounced back from a 7-day low of $0.1643 and is now up 10%, marking a breakout from a falling wedge pattern.

In the last two weeks, DOGE formed two lower peaks and three lower troughs. If these price swing points are connected to a trend line, a falling wedge pattern is formed.

After the 4-hour candlestick managed to close clearly above the upper trend line of the wedge, Dogecoin price was confirmed to have a breakout. The 12% target towards $0.2061 is calculated from the distance between the swing high and the first swing low, then added to the breakout point at $0.1774.

This breakout was further confirmed by the appearance of three consecutive green candles on the 4-hour chart. In addition, DOGE’s latest rally has pushed the price to break above the 50 and 200 Exponential Moving Averages (EMA), which reduces the probability of a “death cross” in the short term.

Investors need to watch the 78.60% Fibonacci level at $0.1860, which could be a temporary barrier for DOGE to reach the wedge pattern target of $0.2061.

However, the now positive Chaikin Money Flow (CMF) Index suggests that the potential for a pause in the DOGE rally is small.

Based on Fibonacci levels, DOGE’s bullish trend could potentially reach $0.2042 if it manages to cross the resistance at $0.1860.

Read also: Dogecoin (DOGE) Price Could Jump Over $0.20 This Week? Check out why!

Therefore, Dogecoin price predictions indicate a strong 12% growth opportunity. Conversely, the key support levels are at $0.1729 and $0.1642.

Binance Traders Go Long

Reporting from Coingape (8/5/25), interest in Dogecoin increased sharply in the derivatives market, marked by a 7.19% jump in Open Interest to reach $1.81 billion.

Along with the wave of bullish sentiment, 67.84% of accounts on Binance went long on DOGE. Overall, long positions in the market rose to 62.94% in the last hour.

Amidst the rising optimism, the liquidation of short positions resulted in a loss of $3.71 million for the bears. Currently, DOGE’sfunding rate has jumped to 0.0051%, reflecting the high expectations or “hopium” for DOGE’s price rally.

As the price of DOGE skyrocketed, the Dogecoin team announced its second hackathon which has almost become an annual event.

This year’s “DOGEATHON” will be held in Portugal from July 22 to 24. The registration fee to attend the event is 269 DOGE, which is almost $50.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Get a web trading experience with advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro. Pintu Pro Futures is also available, where you can buy bitcoin leverage, trade btc futures, eth futures and sol futures easily from your desktop!

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Dogecoin Price Rally Targets $0.20 Turning 70% Binance Traders Bullish. Accessed on May 9, 2025