Dogecoin (DOGE) Price Prediction: DOGE Surges 13% Amid Meme Coin Rally, Eyes $0.27 Breakout

Dogecoin (DOGE) has once again captured the spotlight in the crypto market, rallying 13% over the past 24 hours and climbing above a key resistance at $0.1808.

This latest price surge aligns with broader gains across the meme coin sector and has reignited bullish sentiment surrounding the original meme coin. As DOGE now tests higher resistance levels, analysts are eyeing an ambitious target of $0.27 in the weeks ahead.

Musk Reduces DOGE Role—But Momentum Persists

Much of Dogecoin’s historical volatility has been tied to Elon Musk, who recently announced a plan to scale back his involvement with the Department of Government Efficiency (DOGE)—a fictional department humorously aligned with the coin’s acronym. Musk cited a need to focus more on Tesla following a significant decline in the company’s profits, stating that his DOGE-related activities will “drop significantly” starting in May.

Dogecoin (DOGE) was trading at around $0.18, up 12.33% in the last 24 hours at press time. Source: Brave New Coin

Despite concerns over Musk’s reduced presence, the Dogecoin network has demonstrated resilience. Market observers noted that the meme coin’s value spiked shortly after the announcement, hinting that DOGE may be growing beyond its Musk dependency.

Liquidations and Sentiment: Bears Get Burned

DOGE’s rapid rally has also triggered a wave of liquidations in the futures market. According to data from Coinglass, over $11.6 million in short positions were wiped out as bullish momentum gained traction. Nearly 85% of these losses came from traders betting against DOGE’s rise.

This flush of short-sellers adds further support to the notion that the downtrend may have reached its exhaustion point. However, technical indicators also show early signs of overheating. The Relative Strength Index (RSI) has climbed above the neutral 50 mark, and the Stochastic Oscillator is currently in overbought territory, suggesting the possibility of a short-term correction before continuation.

Bullish Patterns Emerge as DOGE Breaks Resistance

From a technical standpoint, Dogecoin’s price action shows clear signs of a bullish reversal. DOGE recently broke above a key descending trendline resistance, as well as the 50-day simple moving average (SMA). These breakouts suggest a strengthening of the upward trend, reinforced by the formation of a falling wedge—commonly regarded as a bullish continuation pattern.

DOGE is consolidating in a descending triangle with fading volume, needing a breakout above the 200 EMA near $0.1822 to target the $0.20 level. Source: Paper_Trader1775 on TradingView

“Dogecoin is showing textbook breakout behavior,” said one analyst from CryptoQuant. “The breakout above the 50-day SMA is especially encouraging, and if the coin clears the $0.1809 mark decisively, we could see it push toward $0.21 and beyond.”

DOGE’s next key hurdles lie near $0.2106 and the 100-day SMA. Clearing those would further validate bullish DOGE price predictions, potentially unlocking a path toward the ambitious $0.27 level.

Broader Market Rally Lifts Meme Coins

Dogecoin’s surge is part of a larger meme coin rally led by assets like Shiba Inu (SHIB), PEPE, and BONK, all of which have posted double-digit gains this week. The broader cryptocurrency market has also shown strength, with Bitcoin climbing to a two-month high of $94,500 and Ethereum reclaiming the $1,700 level.

Analysts say the renewed interest in risk-on assets is being driven by improving macro sentiment, rising investor confidence, and technical breakouts across several top assets.

Analysts Forecast Major Upside—Is $0.27 Next?

Veteran crypto analyst “Master Ananda” believes DOGE may be nearing the end of a prolonged corrective phase that began in late 2024. The price structure appears to have completed a complex ABC correction, typically followed by an impulse wave—a strong upward move in Elliott Wave Theory.

DOGE could retest the $0.27 resistance following the current bullish momentum. Source: Sabri2003 on TradingView

“Dogecoin has found strong support near its 2024 consolidation zone,” said Ananda. “With the correction ending on April 7, DOGE is now positioned for a new impulse wave that could carry it to $0.27 and potentially even higher.”

According to the analyst, the next major move could even trigger a 333% rally, bringing Dogecoin value above $0.40 and toward the $0.70 mark seen during the meme coin’s previous all-time highs.

Final Thoughts

While Dogecoin investors must remain cautious of short-term volatility and potential corrections, the overall trajectory appears bullish. With technical indicators favoring upward momentum and the broader meme coin market gaining strength, DOGE may be poised for a significant breakout.

Still, all eyes remain on critical resistance levels and trading volume. If Dogecoin can overcome the next challenges, it could mark the beginning of a powerful new chapter in the coin’s ever-colorful journey.