Dogecoin hovers around $0.22 a few weeks later, analysts share different prospects

Dogecoin (Doge) has shown steady performance in recent weeks, which is consistent with wider gatherings across the cryptocurrency market as a whole. Doge has risen by more than 25% over the past two weeks, with prices as high as $0.24.

Despite this growth, the asset has a slight pullback in the past 24 hours, retreating 0.3% to $0.22 at the time of writing. The latest move marks a period of renewed interest in assets, especially retailers.

Dogecoin retail activity and emotional metrics

Burak Kesmeci, one of CryptoQuant’s contributors, recently shared new insights on Doge’s futures market activities. In a post titled “Too Many Retailers? Doge Futures Shows Repeated Peak Patterns,” Kemech pointed out the potential impact of speculative trading behavior.

His analysis highlighted that previous Dogecoin prices reached their peak, often coincided with a sharp increase in retail participation in the futures market, raising questions about the sustainability of such gatherings.

Kesmeci’s analysis revolves around a visual indicator that tracks trading activity of retail investors in the Doge futures market. In this chart, the red bubble marks the moment when retail transactions are going to rise sharply.

According to analysts, these periods are consistent with local price increases, suggesting that increased speculation is usually before short-term corrections. On the other hand, green and pink bubbles representing a period of reduced retail activity are often consistent with a more stable or neutral price phase.

The basic explanation is that when the Doge Futures market is saturated by retail participants, the possibility of momentum exhaustion increases. For traders, these retail peaks could be potential warning signs of short-term reversals.

As Kesmeci pointed out, this data can be used with other technologies and on-chain metrics to establish a more comprehensive view of market sentiment, especially in volatile assets such as Dogecoin. The analysis supports a more cautious approach where retail enthusiasm dominated transaction volume.

Technical forecasts indicate possible rallying

While futures data suggest top caution around potential retail drives, other technical perspectives suggest there may be further upside potential. Crypto analyst Javon Marks recently shared an outlook that shows Doge can be positioned to continue new all-time highs.

According to Marks, the asset confirms a major bullish signal on its chart, which suggests that another upward momentum may be already playing. He predicts that the next major target is nearly 200% higher than the current price level.

$ DOGE Major recovery and confirmation of major continuation signals Woolen cloth

The next one towards the high leg may work, and these levels are nearly +200%, which can be huge! pic.twitter.com/whi0lxqdm2

– HawanTags (@javontm1) May 13, 2025

Feature images created with DALL-E, TradingView’s chart