Technical analysis shows that the Dogecoin price is poised to gain 33% to 23 cents in the coming days.
The Dogecoin rally is heavily backed by institutional investors amid anticipated altseason 2025.
Dogecoin (DOGE) price gained 2 percent in the past 24 hours to trade around $0.1814 on Thursday, during the mid-North American trading session. The large-cap memecoin, with a fully diluted valuation of about $26.9 billion and a 24-hour average trading volume of around $1.5 billion, was among the best gainers in the top ten crypto assets.
Top Reasons Why Dogecoin is on the Rise
The Dogecoin’s price rally has heavily been driven by the rising Futures Open Interest (OI). In the past two weeks, Dogecoin’s OI surged from around $1.3 billion to about $2 billion at the time of this writing. Additionally, the Dogecoin network has recorded a significant increase in whale activity, led by fund managers, such as 21Shares, seeking to offer spot DOGE ETF.
The Dogecoin ecosystem has grown into a robust online community, mostly brought together by tech billionaire Elon Musk. Meanwhile, the Dogecoin core developers have been working on a major network upgrade to enable DeFi development to compete with other layer one (L1) chains such as Ethereum, and Solana.
DOGE Price Analysis
As Bitcoin price signals further bullish momentum in the near future, the overall demand for memecoins has remained high. The gradual resurgence of FOMO crypto trading has helped the DOGE price breakout from a multi-week falling trend.
In the daily timeframe, the Dogecoin price has formed a reversal pattern, characterized by inverse head and shoulders formation coupled with a bullish divergence of the Relative Strength Index (RSI). Additionally, Dogecoin’s daily MACD line is about to cross the signal line as the buyers gain control.
As a result, the DOGE price is well positioned to rally towards 23 cents in the coming days, with the 48 cents target likely to happen in the near future.
Bitcoin price has made a bold uptrend this week as it reclaims $90,000 for the first time in nearly two months. This rally has been attributed to a wide range of factors, including rising inflows to spot BTC ETFs, but one analyst has said that this pump might not last as it is simply driven by leverage. Other analysts have also attributed the gains to macro factors like the declining value of the US dollar.
Why This Bitcoin Price Rally May Be Fake
Bitcoin price is currently approaching its highest level in two months despite growing skepticism among some analysts that this rally might reach exhaustion. Per analyst Maartunn on X, this rally was a “leverage-driven Easter pump” after Bitcoin recently added more than $2 billion in open interest within 24 hours.
Bitcoin Open Interest
The rising open interest is also seen on Coinglass data after this metric hit $60 billion, which is the highest level in two months. Another analyst known as TXMC observed that the rapid surge in OI indicates that the ongoingBTC price rally might fade. He opined,
“If Bitcoin ever breaks away into a bona fide decoupling from other risk assets, it won’t be fueled by over $1.5B worth of leveraged futures longs opening in a 24-hour period.”
Besides therising BTC’s open interest, TXMC added that this rally is also stemming from the weakening value of the US dollar. The US dollar index has plunged to its lowest level in more than three years amid the ongoing tariff war, and this is benefiting the Bitcoin price. He said,
“Bitcoin priced in dollars is about 7-8% higher than Bitcoin priced in other major currencies, relative to the Jan 20 top.”
The third reason behind the risingBTC value today is the rising inflows to spot BTC ETFs, suggesting that institutions are also buying into the ongoing rally. Data from SoSoValue shows that on April 21, inflows to these products reached $381M, marking the highest level since late January.
Will BTC Price Crash to $80,000?
Despite the ongoing concerns about a possible correction in Bitcoin price after the recent rally, the king coin might avoid a crash to $80,000 due to bullish technical indicators and macroeconomic conditions.
Analyst MerlijnTrader on X shared a bullishBitcoin price prediction on X after the coin formed a classic double bottom pattern, which often precedes significant upswings. He noted that BTC might drop to test support at the neckline of $86,900 in the near term before resuming the uptrend and possibly flip $100,000.
BTC Price Chart
At the same time, trader DaanCrypto noted thatBitcoin can extend the rally if it makes a decisive daily close above the psychological price level of $90,000. However, if it fails to flip the 200-day MA and the trend reverses to cause a downtrend below the support at $85,000, it could crash to $80,000.
Meanwhile, BitMEX co-founder Arthur Hayes noted that as the US dollar weakens, the US bond market will be in a crisis. This will also attract capital inflow to BTC and support the uptrend as investors choose to abandon the greenback for assets such as crypto and gold.
Therefore, amid these factors, it is likely that the Bitcoin price might avoid a crash to $80,000 in the near term. However, if it faces rejection at $90,000, it might drop to test the support level of $85,000 and consolidate within this range if the selling pressure eases.
President Trump is again urging lower interest rates after bullish US employment data. Some analysts are hopeful that new rate cuts will generate positive momentum for Bitcoin.
However, there are no signs that Powell will change his mind. If anything, it’s even less likely. Tariffs could cause unprecedented chaos, and the economy doesn’t need rate cuts to survive right now.
Total nonfarm payroll employment increased by 177,000, far outperforming expectations, while unemployment remained steady and wages went up. This prompted President Trump to ask once again for cuts to the interest rate:
Gasoline just broke $1.98 a Gallon, lowest in years, groceries (and eggs!) down, energy down, mortgage rates down, employment strong, and much more good news, as Billions of Dollars pour in from Tariffs. Just like I said, and we’re only in a TRANSITION STAGE, just getting…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) May 2, 2025
President Trump has repeatedly asked Federal Reserve Chair Jerome Powell to cut interest rates. The crypto industry has also heavily advocated for such a move, which would encourage investment in risk-on assets.
Powell’s position has been very consistent. Tariffs could severely damage the economy, and the Federal Reserve needs to keep its powder dry to stave off future collapse. If it cut rates after bullish news, the Fed would have one less potential tool in the event of a real crisis.
To put it bluntly, there is a very low chance that Trump will get his desired rate cuts soon. Justin Wolfers, an economist at the University of Michigan, explained why the bullish report actually makes rate cuts less likely:
“I’m almost certain that the Fed remains on hold at its next meeting. The real economy (so far) is strong enough to not warrant a rate cut. And the big questions are all just over the horizon. Powell has been clear: He doesn’t want to guess what’s over that horizon, he wants to wait & see. The report is absolutely legit. White House interpretations are a different issue,” he said.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what experts think about the Ripple price given the growing approval odds for XRP ETF (exchange-traded funds) in the US. These financial instruments offer investors indirect exposure to crypto and progressively draw institutional players to the digital assets space.
Meanwhile, ETF analyst Eric Balchunas has appealed to Paul Atkins for hints about when the US SEC will approve the first spot XRP ETF, among other altcoin-based financial instruments.
He and his colleague, ETF analyst James Seyffart, remain optimistic that approving additional altcoin-related ETFs beyond Ethereum is only a matter of time.
“Would love to hear directly from Atkins, but all good chance of happening,” Balchunas posed.
Specifically, for them, XRP ETF holds an 85% chance of approval, placing it among the frontrunners for regulatory approval in 2025. Balchunas also shared a list outlining the approval probabilities for various spot crypto ETFs.
Bloomberg XRP ETF approval odds in 2025. Source: Balchunas on X
Meanwhile, Seyffart notes that delays in approval should not come as a surprise. He urges crypto market participants to hold out hope beyond October 2025 and year-end in the worst-case scenario.
“…Final deadlines for most of this stuff is in October 2025 or later,” Seyffart stated.
However, Balchunas acknowledges that Paul Atkins’s confirmation as the new SEC chair has set the ball rolling.
“…nothing was going to get approved until Atkins was confirmed…he just got confirmed and they’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” Balchunas opined.
Crypto traders and investors would surely welcome more altcoin-based exchange-traded funds beyond the Ethereum ETF. Such financial instruments would give crypto more legitimacy, open the playing field for institutional participation, and, hence, increase liquidity.
A recent US Crypto News publication indicated growing adoption for BTC over gold, ascribing the traction to Bitcoin ETF inflows surging against lagging gold ETPs (exchange-traded products).
Despite the false claims, the approval of ProShares’ XRP futures ETF sparked optimism. Experts now predict that a spot XRP ETF could follow, potentially attracting $100 billion to the payments token.
“A spot XRP ETF could be next, unlocking real demand and sending prices soaring. $100 billion+ could soon flood into XRP,” wrote industry expert Armando Pantoja.
