After several days of declining trajectory, Dogecoin (DOGE) is gradually showing a positive reversal in its price trends while flipping major altcoins like Ethereum and XRP in daily gains, according to data provided by CoinMarketCap.

On May 1, 2025, DOGE has traded around $0.1810, a notable increase of 5.89% over the last 24 hours. With the leading memecoin trading mostly sideways during the last seven days, this upside momentum did not reflect in its trading volume which reflects a notable decline of 11.01% over the last day.

While this bullish momentum has extended across the broad crypto market with leading cryptocurrencies rebounding above previous resistance levels, Dogecoin has witnessed the highest surge among the top 10 cryptocurrencies by market capitalization.

Following the sharp surge stunned by the Dog-themed memecoin today, DOGE stands as a strong contender in the altcoin market, outperforming Ethereum and XRP in daily gains over the last day.

Bullish outlook for DOGE

While DOGE has kicked off to a bullish start in May, it is still uncertain if the leading meme asset will be able to uphold this trend for the rest of the month, preparing it for another breakout above the long-anticipated $0.2 mark.

One of the major events expected to drive a bullish sentiment for DOGE in May is the buzz around the 21Shares Dogecoin ETF. 

While rumors of the Dogecoin ETF approval have already positioned the token for more attention, the official approval of the DOGE-based investment product is expected to spark more interest among retail and institutional investors, leading to increased DOGE demand and massive increase in its market value.

DOGE’s price movement has shown signs of a potential breakout as it prepares to take charge of the meme coin buzz in the broader cryptocurrency market. Its recent trajectory shows that it is forming lower highs in a movement that appears to be supporting its journey to stabilize above $0.19.

Earlier this week, DOGE has seen a notable uptick in its trading volume which fuelled the memecoin’s rebound move. If history would repeat itself, a major push in DOGE’s trading volume might fuel further upsurge in the coin’s price and help it sustain its current momentum till it forms higher resistance above $0.2.