Dogecoin Surges 17% On The Week: What Is Going On?

Dogecoin DOGE/USD is up 17% on the week and several analysts are eyeing a continuation of the rally.

Trader Notes: Crypto trader DegenHardy highlights a bullish divergence at key support levels on the daily chart, signaling a potential swing long opportunity. TheCryptoBasic notes a breakout from a falling wedge, targeting a move to $0.46 in the near term.

Trader Tardigrade points out that DOGE has broken a multi-month resistance trendline with no signs of a fakeout. He compares the current setup to February 2024, when a similar structure led to a powerful rally. If history repeats, he believes DOGE could surpass $1 in May.

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Statistics: TradingView data shows 61,900 daily active addresses for Dogecoin, significantly higher than XRP's 48,350, suggesting rising on-chain engagement.

Coinglass data shows Dogecoin's open interest up 7%, while derivatives trading volume expanded by 8.3% in a single day. In the past 24 hours, $7.01 million of positions were liquidated, $4.22 million of that being short positions.

News: 21Shares declared that Dogecoin is “not just riding the meme wave” but building a legacy, citing structural resilience, long-term outperformance and low correlation to major assets. This positions DOGE as a wildcard asset with real diversification value.

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