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.
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The post Dogecoin Price Prediction: Explosive On-Chain Volume Suggests a Big Move Ahead – $1 in May? appeared first on Cryptonews.
