Dogecoin Surges 21% In 7 Days: Why Is DOGE Going Up?

Dogecoin's DOGE/USD is up 5% on Thursday and 21% over the past seven days as increased market enthusiasm has analysts speculating about whether the “king of memes” can kickstart another rally.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.3891	$57.3 billion	+5.3%	+21.4%
Shiba Inu SHIB/USD	$0.00002241	$13.2 billion	+2.2%	+5.2%
Pepe PEPE/USD	$0.00001845	$7.7 billion	+1.9%	+6.9%

Trader Notes: Crypto chart analyst Ali Martinez on X drew parallels between Dogecoin’s current price action and its last bull cycle.

In 2021, DOGE began its second major rally on January 25 after a 56% price correction.

Similarly, the meme coin recently underwent a 46% correction, which could set the stage for another upward move in the coming week if history repeats itself.

In the last bull cycle, #Dogecoin $DOGE started its second leg up during the week of January 25, 2021, following a 56% price correction.

Over the past few weeks, #DOGE has experienced a 46% correction. If history repeats, the next leg up could kick off as soon as next week! pic.twitter.com/aewTFfJvig
— Ali (@ali_charts) January 16, 2025

Rose Premium Signals, another trading analyst, identified a double-bottom pattern on the DOGE chart, signaling a possible bullish reversal.

They forecast a breakout with initial targets at $0.56261 and $0.63998, aligning with a classic recovery structure.

Technical analust Kevin noted DOGE is attempting to break out of a falling wedge pattern.

If successful, the next key resistance level will be $0.4155.

Statistics: Coinglass data shows open interest spiked around 4% to $4.7 billion, its all-time highest level. Liquidations in the past 24 hours stood at $13.9 million with long liquidations of $6.6 million.

Community News: Binance recently announced an expansion of its financial services platform, integrating Dogecoin, Litecoin and ChatGPT into its Fixed Rate Loan system.

Traders can now use DOGE as collateral.

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