Dogecoin Surges 528% in Network Activity, Eyes $0.25 Breakout

Dogecoin has once again captured the attention of traders and investors, with recent market developments suggesting a potential significant move. The memecoin experienced a strong rally in early May, and the current technical analysis indicates that it might be poised for another surge. The price of Dogecoin recently surged above the critical $0.20 level but is now testing resistance around $0.22. If DOGE can break above this level, the next bullish target would be around $0.25. However, a failure to break through this resistance could send the price back down toward $0.20 or even to the next strong support at $0.1783.

The Relative Strength Index (RSI) sits at 62.29, signaling bullish momentum but not yet overbought. The 50-day Simple Moving Average (SMA) at $0.1783 is now acting as solid dynamic support. For short-term traders, a confirmed breakout above $0.22 would be a good entry point. For longer-term holders, any pullback to $0.20 or below could present a golden buying opportunity.

Adding to the bullish sentiment, Dogecoin has seen a significant increase in network activity, with active wallet addresses skyrocketing by 528%—from under 75,000 to over 400,000. This surge in activity signals a massive return of investor interest and increased blockchain activity. Furthermore, financial giant 21Shares recently filed for a spot Dogecoin ETF, which has already been acknowledged by the SEC. This move is seen as a huge vote of confidence in DOGE’s future and could push institutional investors to jump in.

With this kind of momentum building, crypto traders are keeping a very close eye on the DOGE chart for a potential trend reversal and a strong rally ahead. The short-term outlook (1-2 weeks) suggests a retest of $0.22 and a potential push toward $0.25 if the ETF news continues to drive hype. The mid-term outlook (1-2 months) indicates that if DOGE holds above $0.20, a rally toward $0.30 is very possible, especially if network activity remains strong. Looking ahead to the long-term outlook for 2025, with growing institutional interest and increasing adoption, DOGE could retest its all-time highs above $0.35 if market conditions stay favorable.