Dogecoin demonstrates renewed bullish momentum following a confirmed breakout from an Inverse Head and Shoulders pattern on a lower time frame.
Technical Breakout Validates Bullish Momentum
According to analysis by Trader Tardigrade, DOGE completed a breakout from the Inverse Head and Shoulders pattern around $0.145. The breakout was confirmed by a successful retest at $0.142 and further movement to $0.155. This price level aligns with key resistance observed over the past week.
Network Activity and Market Sentiment
Data from CoinGecko shows that Dogecoin transactions increased by 12% to 1.8 million within 24 hours, with active wallet addresses up by 9%. These metrics indicate increased user engagement and market participation. Institutional interest is also on the rise, as per public filings by Grayscale on May 11, 2025, where DOGE now represents a larger portion of the Digital Large Cap Fund.
Forecasts and Further Resistance Levels
As of 16:00 UTC on May 12, 2025, DOGE is trading at $0.2448. If the $0.2505 resistance level is broken with strong confirmation, analysts suggest that Dogecoin could test the next resistance at $0.29.
Dogecoin shows significant growth supported by both technical factors and network activity, with increasing institutional investments indicating a growing interest in this cryptocurrency.
