As trading volume doubles this week to surpass $1.15 billion, Dogecoin continues to solidify its status as the top meme coin among traders – fueling increasingly bullish Dogecoin price predictions.
The activity positions Dogecoin back in the best “best crypto to buy” conversation, fuelling an 8% rally in early Thursday trading.
On the back of a hawkish-but-uncertain FOMC meeting and an anticipated US-UK trade agreement, DOGE finds itself in a fertile environment for growth as market headwinds begin to clear.
Derivatives Market Points to Short-Squeeze
Traders seem to be positioning for a major DOGE rally, with Coinalyze data showing a daily long-to-short ratio of 2.27—70% of traders are betting on a price increase.
The funding rate, which briefly dipped into negative territory, has now returned to neutral and is poised to turn positive.
This dynamic suggests that investors are increasingly confident about a bullish Dogecoin price move. If momentum prevails, these shorts might face forced buybacks, driving the price higher.
Dogecoin Price Analysis: Could DOGE Hit $1 in May?
This renewed bullish sentiment could fuel a move toward the upper resistance of the descending channel that has defined Dogecoin’s multi-month downtrend.
DOGE / USDT 1-week price chart, descending channel pattern. Source: TradingView / Binance.This week’s surge may be the first leg of a 30% climb to $0.23, driven by a rebound from a long-term support trendline marking bottoms since mid-2024.
Momentum indicators further support this outlook.
The MACD is on track for a golden cross, approaching an overtake of the signal line—often signaling a long-term trend shift on such a high time frame.
More so, the Relative Strength Index (RSI) follows suit, trending upward toward neutral after an extended stint in bearish territory, signaling building buying pressure.
If this momentum holds, a breakout could ignite a push toward $0.44, marking a potential 135% gain from current levels.
However, a push to a $1 Dogecoin price seems unlikely in the near term, especially as economic concerns tied to US trade relations cast a shadow over risk assets.
This New ICO is Ready to Disrupt an $85 Billion Industry
Presale investing has become a popular strategy, offering a hedge against recent economic uncertainty-driven downturns and a shot at above-average returns.
One project catching early attention is SUBBD ($SUBBD), an AI-powered content platform redefining a $85B industry by giving fans true access and creators better monetization tools.
Traditional creator-subscriber platforms often take hefty cuts—up to 20%—while giving users little agency over their communities.
SUBBD flips the script, cutting out the middleman and putting the power directly in creators’ hands—to great support with over $350,000 raised in its initial month.
These perks extend to fans in an access-driven ecosystem. Token-gated content, discounts, and early access allow supporters to engage with their favorites in a meaningful way.
You can keep up with SUBBD on X, Telegram, and Instagram, or join the presale on the SUBBD website.
The post Dogecoin Price Prediction: Explosive On-Chain Volume Suggests a Big Move Ahead – $1 in May? appeared first on Cryptonews.
