Dogecoin’s price has risen by 12%, reaching $0.23, with analysts citing strong signs of accumulation and predicting $0.31 as the next major target.
Amid the fresh altcoin rally, Dogecoin price has pumped another 12% today, surging to $0.23 with its market cap crossing $33.7 billion. Market analysts have turned bullish on the current price action, predicting a full-blown DOGE Season and a rally to $1.
Dogecoin Price Jumps Another 12% Amid Market Optimism
Dogecoin price shows strength in the current market conditions as traders continue with bullish expectations for the meme coin. Prominent crypto commentator “Blockchain Baller” has pointed to early signs of a potential Dogecoin (DOGE) breakout.
After a prolonged period of dormancy, the analyst suggests the meme coin is showing signs of accumulation. Describing the accumulation phase as “not flashy, just slow and controlled,” the analyst predicts $0.31 as the next key target for DOGE. “When Dogecoin runs, it runs,” noted Blockchain Baller. “It’s one of those assets no one talks about until it’s up +20% in a day.”
Popular crypto analyst Trader Tardigrade has pointed to bullish technical signals for Dogecoin price, raising hopes for a potential rally. The analyst noted that DOGE’s MACD (Moving Average Convergence Divergence) indicator is experiencing a crossover, often seen as a strong bullish signal in technical analysis.
“Can we reach the $1 $DOGE mark this time?” the trader queried, fueling speculation of a significant price surge.
#Dogecoin MACD crossover happening 🔥
Can we reach the $1 $DOGE mark this time? pic.twitter.com/sQvmbhGAHE— Trader Tardigrade (@TATrader_Alan) May 10, 2025
Additionally, Trader Tardigrade highlighted a strong rebound in the DOGE/BTC trading pair from a key support trendline, suggesting growing strength against Bitcoin. The analyst also hinted at an impending “Dogeseason,” where Dogecoin could see increased interest and trading activity. The community eagerly awaits to see if these technical developments translate into a sustained upward move for DOGE.
#Dogeseason is upcoming 🔥$Doge / $BTC shows a strong rebound from a support trendline 🚀 pic.twitter.com/SSMOD691Iz
— Trader Tardigrade (@TATrader_Alan) May 9, 2025
Will DOGE Follow M2 Money Supply?
Crypto analyst KrissPax has presented an intriguing correlation between Dogecoin price and the M2 Money Supply, suggesting a possible surge in DOGE’s value. According to KrissPax, if DOGE continues to track the M2 Money Supply with a 110-day delay, the meme coin could rise above $0.50 by June.
If Dogecoin follows the M2 Money Supply on a 110-day delay, we could see $DOGE up over $0.50 in June! pic.twitter.com/ZUTsZ2tQo0
— KrissPax (@krisspax) May 9, 2025
Another popular analyst, Ali Martinez stated that DOGE is showing strong signs of recovery, rebounding from its ascending support trendline. This technical strength positions DOGE for a potential rally toward $0.27 in the coming weeks.
#Dogecoin $DOGE is rebounding strongly from its ascending support trendline, eyeing a potential move toward $0.27. pic.twitter.com/E3BVdOfo2s
— Ali (@ali_charts) May 10, 2025