Dogecoin Price Surges 20% Amid Bullish Momentum and Market Optimism

Dogecoin, the popular memecoin, has been experiencing a shift in market momentum, with bullish sentiment gaining traction. Despite facing bearish influence in the past, the current trade setup suggests that the bulls are gathering strength, keeping the DOGE price within an accumulated range. This indicates a growing dominance of the bulls in the market. The meme coin space has seen a significant rise in its population, with tokens like Shiba Inu and Pepe joining the fray. However, Dogecoin continues to remain the top memecoin, maintaining its dominance in terms of social activity, as suggested by data from LunarCrush. This optimism among market participants suggests that DOGE has the potential to rise above its current all-time high and form a new one. The token is currently pressing up against a strong resistance zone after forming higher lows in a bullish ascending triangle. A breakout from this zone may initiate a fresh upswing, targeting the next stop. The technicals hint towards a potential pullback or an extended consolidation below the resistance due to bearish divergence and the CMF failing to rise above the resistance. However, these are expected to have a short-term impact on the price, as the bulls are primed to keep up the trend regardless of the bearish pressure being induced at frequent intervals. Therefore, the Dogecoin price is believed to maintain a consolidated ascending trend to reach a certain level, but only if it surpasses an important resistance.

Dogecoin faces a potential reversal as recent bullish momentum begins to show its cracks. The meme coin has been experiencing a strong weekly showing, notching a gain to reclaim a certain level and riding high on renewed market optimism. Risk-on sentiment has returned following de-escalations in the US-China trade war and Trump’s concession to the Fed, and DOGE has been among the top altcoins reaping fresh retail liquidity. However, a death cross is now forming on the hourly chart, which often signals a shift in momentum as buyers lose dominance. Despite the bearish signal, the 4-hour Long/Short ratio remains bullish, with a significant percentage of traders still backing a price increase. Sentiment hasn’t fully flipped, and with open interest also up, the reversal could be snubbed before it gains traction as a broader downtrend. Dogecoin remains on a breakout path, closing in on the upper resistance of the descending channel that’s shaped its multi-month downtrend. The meme coin has now cleared the 20SMA, which had blocked its upside during Thursday’s trading, opening the door for a move toward the resistance. An upwards move seems credible as momentum indicators become increasingly bullish. The 3-day MACD is widening its lead above the signal line after flipping positive for the first time since the post-election rally—a strong signal that this uptrend has staying power. That said, the RSI has plateaued at 45, just shy of neutral—suggesting higher timeframes haven’t fully shifted bullish yet. If buying pressure can hold, a breakout could trigger a run to a certain level, marking a potential gain from current levels.

Elon Musk’s tenure with the Department of Government Efficiency (D.O.G.E.) coincided with a decline in the number of Dogecoin millionaire addresses. However, on April 8, a process was initiated that culminated in the businessman announcing the winding down of D.O.G.E. involvement, due to a tariff spat with Pete Navarro, President Donald Trump’s trade advisor. By April 25, the emergence of new DOGE millionaires was observed, a significant increase compared to April 8, the starting date of mounting tensions between Elon Musk, the Trump administration, and their joint government efforts via D.O.G.E. Specifically, the number of addresses holding between a certain amount worth of Dogecoin increased, while the number of those worth or more rose by a significant percentage. The comparison with both March 31 and April 8 demonstrates that the total number of DOGE millionaires first dropped and then increased, demonstrating that the direction hasn’t been entirely steady. Notably, the period also saw a dramatic change in Dogecoin’s cryptocurrency market performance. Between March 31 and April 8, DOGE’s price dropped, and the meme coin’s market capitalization plunged. Between April 8 and press time on April 25, however, Dogecoin’s price rallied, and the cryptocurrency’s market cap increased by some as it climbed to just under a certain level. Elon Musk’s historical impact on Dogecoin cannot be dismissed, as the billionaire has served as a relatively regular trigger for major price swings since he first described Dogecoin as his favorite such cryptocurrency. Similarly, the impact the South African-Canadian-American billionaire has had on assets closely associated with him is amply demonstrated by the issues Tesla has faced in the stock market and on the business side. In the case of Dogecoin, the situation isn’t as clear. Not only has the price of the meme coin increased significantly more than the number of millionaire addresses, but other factors such as the latest across-the-board rally and cryptocurrencies’ increasing correlation with gold, one of 2025’s best-performing investments, are also in play. Nonetheless, it is difficult to miss that the alleged Musk-Trump dispute marked a low point for Dogecoin, and the road has been overwhelmingly positive since then.

The Dogecoin price has failed to revisit its all-time high of 2021 and is, in fact, trading below its ATH after a series of crashes rocked the crypto market. These crashes were spurred by US President Donald Trump declaring an all-out tariff war. Interestingly, the market recovery has once again been triggered by the president, who recently announced that the tariffs placed on China would be significantly reduced. As a result, the Dogecoin price is moving upwards again, and chart patterns suggest that it could be looking at another surge. Crypto analyst Steph recently pointed out that the Dogecoin price is making the same moves it did less than six months ago. With the analysis posted, Steph explained that back in 2024, the Dogecoin price completed bars in a downtrend, and this lasted for days. Once the downtrend was over and this pattern was completed, what followed was a month of rapid surges, which saw Dogecoin move from less than to over in the next few months. This culminated in a increase by January 2025 before the market crash took over. Now, again, it seems that Dogecoin has completed the same trend once again. The chart shows the same bars created over days during a downtrend, and this could mean that the bottom is close. In such a case, the Dogecoin price could be gearing up for another surge. If the November 2024 surge is anything to go by, then another increase is imminent. This time around, with the price higher than it was before the November surge, it would mean that the Dogecoin price would eventually rise above a certain level. As for when this could take place, the crypto analyst uses the timeframe from the last occurrence. This suggests that the next two months are significant, and the surge could carry on from the month of May to July before reaching a peak.