Dogecoin’s network has expanded significantly, with the total number of wallet addresses now reaching 83.48 million, as reported by crypto expert Ali on X (formerly Twitter). He highlighted the continued interest in the meme-based digital currency. Dogecoin’s price has also seen a 6.12% increase in the past day, prompting discussions about its potential future movement.
On-chain metrics show consistent growth in DOGE holders, despite price volatility. This increase in addresses suggests ongoing engagement with the cryptocurrency, whether through long-term investment or wallet diversification. Historically, rising network adoption has been a strong indicator of long-term market strength.
The price trajectory tells a different story. Since late January, DOGE’s price has fallen from around $0.30 to $0.18, with a brief recovery in early March followed by renewed market pressure. The disconnect between growing addresses and price stagnation raises questions about the cryptocurrency’s current market dynamics.
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Dogecoin Technical Analysis
Chart analysis indicates that DOGE’s price is trading within a descending wedge pattern, a formation that is often bullish. The analysis suggests that the price is headed towards a turning point in its trading pattern. A move through the resistance level of $0.24 has the potential to trigger a major rally, with optimistic predictions putting price ranges at $0.30 to as much as $1.00.
The $0.19 support level remains stable after withstanding multiple market tests. The 9-day SMA at $0.208 acts as a short-term resistance. The RSI at 37.92 suggests DOGE is nearing oversold conditions, increasing the possibility of a price reversal.
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DOGE Key Levels to Watch
Traders are monitoring the $0.24 resistance, which, if broken with high trading volume, would confirm a bull run. On the downside, failure to hold $0.19 could witness additional selling. Volume analysis will play a key role in determining whether the asset is gaining momentum or simply experiencing a relief rally.
Since DOGE’s price has gone up by 6.12% over the past day, traders look for cues to go ahead with an extended rally or retest lower supports. The growing number of holders may affirm a long-term bullish prediction, but price action is linked to the overall market trend.
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