Dogecoin (DOGE) is rebounding after weeks of market instability. A recent surge in the value of Bitcoin has sparked a wider rally in the cryptocurrency market.
One of the biggest beneficiaries of this rally is DOGE, and the coin is now recovering. Though down by 18.88% in the week and 3.57% in the last month, the coin is now heading in an upward direction.
Dogecoin is valued at $0.1826 at the time of this writing. Its 24-hour volume is at $1.95 billion. Its market cap stands at $27.2 billion. In a day, DOGE added 11.43%, a showing that indicates renewed investor interest and potential further increases.
Technical observers are closely monitoring DOGE. The coin seems to be in the process of a breakout from an ascending triangle pattern.
This chart pattern usually signifies a breakout that should be bullish. Present estimations propose a short-term price value of $0.195.
Crypto analyst Ali pointed out this breakout on April 22 via X. His charting also agrees with Changelly.com predictions that see DOGE hitting $0.195 by June 2025. The pattern and the prediction are both positive indications of meme-based cryptocurrency action.
The recent development replicates a similar pattern that was seen in the previous year. Back in December 2024, a report by Bitcoinist.com cited a prior DOGE breakout.
At that time, analyst Rekt Capital had estimated a much more considerable target of $0.569. Although the current expectation is conservative, it could be an indication of the beginning of a longer-term pattern.
Elon Musk sparks Dogecoin speculation
However, Elon Musk is boosting the momentum. On the same day that the breakout post appeared, CBS News announced that Musk would be taking a step back from his activities with the Department of Government Efficiency (DOGE) this May 2025.
His relationship with Dogecoin has long helped propel the coin’s movement. This announcement may cause new speculation or shift sentiment toward DOGE.
Traders are also keeping an eye on technical indicators such as extension levels of the Fibonacci. These analyze historical patterns to chart potential price targets.
As sentiment goes bullish and key players like Musk continue to be in the limelight, the prospect of DOGE looks favorable.
Nonetheless, with market sentiment back in action, Dogecoin is once again trending upwards. Whether that is a temporary bounce or the beginning of something bigger is yet to be known. For now, however, DOGE is back in traders’ sights.
