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.
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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