Dogecoin has shown strong performance recently, breaking out of a two-month range, presenting a bullish market structure. Although support levels on lower time frames suggest a deeper short-term retracement is possible, the overall trend remains positive.
Twitter : @XBITDEX
Looking at the lower timeframes, there are some support levels, which also hint that Dogecoin may see a deeper short-term retracement. XBIT historical data shows that from August 8 to May 10 (Saturday), Dogecoin prices have achieved a surge of up to 46%, and this impulsive rally has successfully broken through the two-month price range.
11 hours before press time, Dogecoin began to retrace from $0.25, trading at $0.233 as of press time, with a retracement of 7%. However, XBIT (dex Exchange) said that whales have accumulated more than 600 million Dogecoins during this period, worth nearly $140 million. This heavy demand during the breakout means that Dogecoin prices may rise further, although there is still a possibility of a retracement in the short term.
This bullish breakout not only strengthens the conviction of Dogecoin investors, but also has important technical significance. The two-month price range is from $0.142 to $0.195, after the price broke through the medium-term level of $0.169 in nearly two weeks and exceeded the 78.6% Fibonacci retracement level. XBIT (dex Exchange) traders said: The breakthrough of these technical indicators makes investors more optimistic about the future trend of Dogecoin. At the same time, the Fibonacci level drawn by the rally in November 2024 also provides a reference for this breakthrough. Dogecoin almost completely reviewed the rally in 2025, but this breakthrough once again ignited investors' hopes.
Twitter : @XBITDEX
In addition, the current trading volume is also at a high level, with a CMF of +0.18, indicating that a large amount of capital is flowing into the market, which echoes the recent demand of whales. XBIT data shows that according to the Fibonacci levels drawn in the recent breakthrough, $0.214 and $0.204 are key retracement levels that can be retested. In the past two days, the Money Flow Index (MFI) formed a bearish divergence, followed by a price drop, but the MFI has now reset to a neutral level, which means that Dogecoin may not fall to $0.222. Therefore, XBIT (dex Exchange) analysts said: In the next few days, Dogecoin may see a bullish reaction in the $0.204 - $0.222 area.
The liquidation heat map over the past week shows that the price has been stable and continued to rise. Although there have been brief pauses in the rise, the short-term liquidation has contributed to the upward momentum. Currently, the $0.238 and $0.225 levels are attractive for Dogecoin. Of these, the $0.225 – $0.216 area is a liquidity cluster that coincides with the technical support level mentioned earlier.
Twitter : @XBITDEX
XBIT (dex Exchange) investment officer pointed out: "On the whole, after Dogecoin broke through the two-month range, although there may be a short-term retracement, it is still bullish under the support of multiple positive factors, and the future trend deserves investors' attention. XBIT (dex Exchange) network ensures that transaction records are open and transparent, and it is difficult to be intervened or frozen by a single entity; transactions are automatically executed through smart contracts without relying on the credit endorsement of the exchange; smart contracts can be flexibly upgraded to support complex financial products such as leveraged trading and derivatives; anyone can trade freely on the chain without being affected by government or institutional geographical blockades."
Company: xbit limited
Contact：Rudy Divin
Email: xbitdex@gmail.com
Website: http://www.xbitdex.com
Address: 32 Fuk Chuen Street, Tai Kok Tsui, Hong Kong
