DOGE has achieved a significant technical breakthrough as it broke out of an Inverse Head and Shoulders pattern on the lower time frame. This breakout was confirmed by a successful retest at $0.142, followed by continued upward movement towards $0.29. The surge in trading volume (up 18%) further indicates strong momentum without reaching overbought levels, as evidenced by the RSI reading of 62. On-chain activity and rising institutional exposure are also contributing factors to this rally. Technical analysts suggest that Dogecoin has confirmed a bullish pattern, validated by a breakout from the pattern around $0.145, followed by a successful retest at the neckline. This breakout aligns with key resistance levels observed over the past week. Rekt Capital highlighted that Dogecoin closed the weekly candle above pre-halving highs, further pushing toward support. A sustained hold above $0.24 could unlock potential for further price growth. The post shows a rise in trading volume from 1.8 million transactions to 1.8 million within 24 hours as well as an increase in active wallet addresses by 9%, demonstrating heightened user engagement and market participation. In addition, institutional interest is increasing. Grayscale’s filings show DOGE making up a larger portion of their Digital Large Cap Fund, while Bitwise’s DeFi and Crypto Index Fund also saw a 3% increase in exposure to DOGE this week. As of May 12, 2025, the price of Dogecoin stands at $0.2448. If the $0.2505 resistance level is broken with strong confirmation, analysts suggest that Dogecoin could challenge the next resistance level at $0.29.