Dogecoin Soars 3% Today—Is a $6 Breakout on the Horizon?

Jakarta, Pintu News – Dogecoin price movements over the past week have shown high volatility, with frequent fluctuations between $0.210 and $0.235.

While short-term price movements are still active, technical analysts and on-chain metrics are now starting to focus on the larger macro trends that are forming on the charts.

So, how is the Dogecoin price moving today?

Dogecoin Price Rises 3.39% in 24 Hours

On May 22, 2025, Dogecoin saw a 3.39% gain over the past 24 hours, climbing to $0.2399 — approximately IDR 3,906. During the day, DOGE traded as low as IDR 3,650 and reached a high of IDR 3,973.

At the time of writing, Dogecoin’s market cap stands at around $395.82 billion, with trading volume rising 73% to $3.13 billion within 24 hours.

Read also: Crypto Analyst Predicts Dogecoin Price to Double!

This Pattern Signals the Third Accumulation Phase

According to Trader Tardigrade, a technical analyst on the X platform, Dogecoin’s chart over a six-month time span shows a consistent and repetitive pattern over the years.

He identified a “rounded bottom” pattern or cup-like formation that previously appeared ahead of major rallies.

This cup-shaped pattern marks a gradual accumulation phase and is seen three times on the chart, each followed by a significant price spike.

The first example occurred between 2014 and 2017. During this period, Dogecoin traded with low volatility before finally experiencing a surge in mid-2017, rising from around $0.00011 to almost $0.003.

A similar pattern emerged again from 2018 to 2020. The consolidation phase ended with a breakout in late 2020, which pushed the price of DOGE to a peak of over $0.6 in 2021.

Now, the chart shows a third rounded structure forming from 2022 to 2025. If this historical trend continues, Tardigrade’s analysis indicates a potential breakout that could push DOGE’s price through the $6 mark. That would mean a jump of about 2,513% from the current price of $0.2296 to $6.00.

Read also: Bitcoin Surges Past $110,500 Today (May 22, 2025) — Jim Cramer Now Calls It a Safe-Haven Asset!

Surge in Address Activity Supports Technical Pattern

Meanwhile, on-chain data from the past few weeks also reinforces the ongoing accumulation narrative.

Specifically, the number of Dogecoin New Addresses increased by 102.40% in the last seven days, while Active Addresses grew by 111.32%.

Zero balance addresses also rose by 155.50%. This increase coincided with the recent surge in Dogecoin’s price, indicating increased user engagement along with a technical accumulation phase.

In addition, the Ownership Concentration chart shows the changes in the wallet segment over the past 30 days. Ownership by whales (large owners) slightly increased by 0.34%, while investor-owned wallets decreased by 2.59%.

On the other hand, retail participation rose by 1.44%, signaling a small shift in token distribution.

Major Trendlines and Reversal Patterns in the Spotlight

In parallel, technical analysis from Bitcoinsensus highlighted the formation of an Inverse Head and Shoulders pattern on Dogecoin’s daily chart.

Also read: Top 3 Crypto Coins Whale Bought Before Trump Dinner

This pattern started forming in March 2025 around $0.15, formed a head section in April as the price dropped deeper, and completed a right shoulder at the end of the month after the price climbed back above $0.165. The neckline of this pattern, which tends to slope downwards, serves as a major resistance point.

According to Bitcoinsensus, DOGE has broken the neckline, potentially marking the beginning of a new bullish phase. However, the price is still stuck below the long-term descending trendline that has been active since late 2024.

This long-term resistance line previously triggered price rejection at $0.46 in December 2024 and $0.42 in January 2025, which was followed by a drop to $0.135.

Based on this analysis, Dogecoin is currently retesting the trendline. If it manages to break and confirm a breakout above this line, then the price could potentially move towards the supply zone in the range of $0.42-$0.43.

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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.

Reference:

• Crypto Basic. This Recurring Pattern on Dogecoin 6-Month Chart Could See DOGE at $6: Details. Accessed on May 22, 2025