Dogecoin Crashes 7% Today—But Analysts Predict a Shocking 1,000% Rally Could Be Next!

Updated

May 30, 2025

Gambar Dogecoin Crashes 7% Today—But Analysts Predict a Shocking 1,000% Rally Could Be Next!

Jakarta, Pintu News – An analyst at TradingView suggested that a major Dogecoin spike could be imminent, driven by a long-term technical pattern known as Cup and Handle.

Although Dogecoin experienced a downward trend on May 29, the cryptocurrency started to show signs of recovery after forming a support level at its daily low of $0.2172.

Amidst this recovery process, crypto analysts highlighted a strong technical pattern in Dogecoin’s price movement, which could potentially support a long-term rally.

In a post on TradingView, Aram Salimi identified a giant Cup and Handle pattern that formed over several years on the chart of DOGE. Based on this pattern, his analysis predicts that the price of DOGE could surge all the way to $2.50.

Dogecoin Price Drops 7.82% in 24 Hours

dogecoin price today — Source: Pintu Market

On May 30, 2025, Dogecoin saw a sharp drop of 7.82% in just 24 hours, falling to $0.2086, or around IDR 3,419. During the day, DOGE reached a high of IDR 3,716 and dipped to a low of IDR 3,338.

At the time of writing, Dogecoin’s market cap stands at around $31.15 billion, with trading volume rising 43% to $1.88 billion within 24 hours.

Dogecoin is Poised for a Massive 1,010% Surge

The Cup and Handle pattern on the Dogecoin chart started forming as early as May 2021, when the price of DOGE briefly peaked above $0.70. After that, the price gradually declined and bottomed out at around $0.05 between late 2022 and early 2023.

In this phase, a rounded bottom of the “cup” pattern is formed, which then slowly reverses direction as the price rises.

Entering early 2025, Dogecoin returned to the $0.22-$0.25 price range, forming the right side of the “cup” pattern. Meanwhile, the “handle” pattern-which is a mild correction from the resistance zone-has completed forming recently.

Technically, this is often interpreted as a consolidation phase before a breakout. The resistance zone around $0.25 is now being tested again, supported by a consistent increase in trading volume.

Based on Aram Salimi’s chart, a breakout above $0.25 could trigger a price surge towards the initial target of around $0.45 to $0.50. For the long-term projection, DOGE is expected to rise up to $2.50.

If this prediction holds true, then from the current price, Dogecoin will have increased by about 1,016%. According to Salimi, this is a “beautiful dream” that could very well come true.

Dogecoin (DOGE) Short Term Movement

As of May 29, 2025, Dogecoin was trading at around $0.222 after recording a gain of 1.60%.

DOGE prices have crossed the 100-hour simple moving average (SMA), which is often considered a signal of strengthening short-term momentum. Previously, DOGE had dropped to $0.2157, close to a short-term support level.

Nonetheless, the price is still above the major trend line around $0.2230. Meanwhile, the nearest resistance levels are at $0.230 and $0.2350, with breakout confirmation expected at $0.2420 range.

If DOGE manages to break the level with strong buying volume, then the price has the potential to continue the rally towards $0.2550 and even up to $0.2640.

However, if DOGE drops below $0.2120, then the risk of a deeper correction increases, with a possible drop to $0.18 or even $0.15.

The Relative Strength Index (RSI) indicator is currently hovering around 57, indicating that the market momentum is still in neutral.

Meanwhile, the MACD in the hourly chart has shifted into negative territory, keeping traders cautious about taking positions.

Derivatives Activity and Trading Volume Show Bullish Pressure

Data from the derivatives market shows increasing interest from traders in Dogecoin. DOGE’s trading volume rose by more than 4%, reaching $3.34 billion.

In addition, open interest (OI) also increased by 2.67% to $2.72 billion, signaling an increase in the number of active positions in the market.

Meanwhile, the options market showed mixed signals. Options volume saw a slight decline, but open interest in options surged by more than 21%, surpassing the $620,000 mark. This indicates that traders are still holding onto their positions, although new activity has slowed slightly.

In addition, there is also growing interest from institutional investors. Grayscale has officially filed an application for a Dogecoin spot ETF with the US Securities and Exchange Commission (SEC), and a decision regarding this application will be announced soon.

Analysts believe that under the leadership of Paul Atkins at the SEC, the chances of this DOGE ETF being approved are growing. If approved, this could be a huge catalyst that drives wider Dogecoin adoption and amplifies buying pressure in the market.

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*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.

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