Dogecoin Surges 19.61% Weekly, Trading Volume Exceeds Binance Coin

Dogecoin has once again captured the attention of the cryptocurrency market, surging above the $0.20 threshold after a month of consolidation. This resurgence has sparked significant interest, with Fibonacci extension levels now indicating a potential target of $4. The current trading volume has returned to the market, bolstered by Bitcoin's historic price highs, and Dogecoin is maintaining a 10% daily gain, extending its weekly performance to 19.61%.

One of the most notable aspects of this rally is Dogecoin’s consistent trading volume, which has surpassed that of higher-ranked cryptocurrencies like Binance Coin (BNB). For instance, DOGE recorded over $2.5 billion in trading volume with a market capitalization of $29.8 billion, while BNB generated $2.3 billion in volume despite its substantially larger $95.8 billion market cap. This heightened level of interest has prompted seasoned investors and analysts to believe Dogecoin can revisit its $0.7376 all-time high, achieved in 2021.

In the futures market, over $7.6 billion has been traded within the past 24 hours, with positions betting on DOGE’s continued ascent. Open interest for Dogecoin remains decidedly positive, with approximately $2.7 billion in capital backing the meme coin over the last 24 hours. Prominent DOGE investor “doge god” shared a chart projecting a Dogecoin rally to $3.80. Trader Alan also confirmed that the BTC/DOGE chart, along with the M2 money supply, are lagging indicators, positioning Dogecoin to catch up in the coming weeks.

For Dogecoin to reach the $4 Fibonacci target, the DOGE community, popularly known as the “DOGE ARMY,” would need compelling reasons to mobilize, as they have repeatedly demonstrated their unmatched influence in the meme coin market. One of the movement’s most prominent long-term supporters is Tesla and X CEO Elon Musk, who has consistently advocated for the cryptocurrency. In April 2021, following Dogecoin’s historic highs, Musk posted that “SpaceX is going to put a literal Dogecoin on the literal moon,” referencing the popular crypto slang “to the moon.” A year later, the SpaceX founder reaffirmed his commitment to supporting Dogecoin’s growth.

On the technical front, the DOGE/USDT 4-hour chart displays a breakout from a descending channel, signaling a reversal from recent bearish momentum. This bullish breakout is reinforced by a rising RSI, which has crossed above the 70 level, indicating strong buying pressure and potential for continued upward movement. Additionally, the MACD histogram has turned positive, further supporting the bullish momentum thesis. Price currently hovers around $0.1985 and appears positioned to target the next key resistance zone near $0.30. Should momentum persist, DOGE could rally toward the $0.43–$0.45 region, which represents a previous high. A continuation beyond that level opens the path for a move toward $0.50 and eventually $0.58, aligning with the projected trajectory analysis. A short-term pullback may occur around $0.30 before the uptrend resumes, but the overall structure remains decidedly bullish.