Dogecoin rose slightly to $0.17 on Friday, gaining 1.0% in the past 24 hours. However, trading volume has decreased by 30% to around $678 million, reflecting cautious investor activity amid a 3% decline over the last week.
On-chain data indicates a 34% drop in daily volume, signaling reduced trader participation and waning momentum. Analysts warn that low volume can cause volatile price swings as small trades have a greater impact.
Technical charts from early 2024 to mid-2025 show Dogecoin forming a symmetrical triangle pattern, characterized by converging trendlines with lower highs and higher lows. Crypto analyst Ali notes this setup often precedes a significant price move, expected by June 2025.
According to Ali, a daily close above $0.22 would confirm a bullish breakout, potentially pushing Dogecoin to $0.35-$0.36, approximately 60% above current levels. Conversely, a dip below $0.16 may trigger a decline toward $0.10. These levels are closely watched by traders to determine market direction.
Digital Coin Price offers a more optimistic outlook, forecasting Dogecoin to surpass $0.37 before year-end and possibly retest its previous high around $0.74.
Dogecoin’s price movements are often influenced by broader cryptocurrency trends and social media activity. Gains in Bitcoin or Ethereum could support Dogecoin’s rise, while market sell-offs may deepen losses. Endorsements and exchange listings also impact sentiment.
For now, investors await confirmation through increased volume to validate any move beyond $0.22 or below $0.16. The upcoming weeks are critical as the triangle pattern tightens, potentially signaling either a strong rally or a sharper correction.