TLDR
- Dogecoin's current price action is flirting with the 100-week Simple Moving Average (SMA)—a historically significant point for shifting market trends.
- The number of new Dogecoin wallets has surged, rising from 16,400 to 34,600 within a month, even in the face of recent price slumps.
- Ali Martinez, a market analyst, anticipates a massive 11,811% increase to a $20 price point provided that the crucial $0.16 support is maintained.
- Analyses show Dogecoin has been following an upward trajectory in a rising channel since 2015.
- In the face of recent ups and downs, Dogecoin has managed to increase by 1.3% over the past year, despite experiencing considerable monthly dips of 33.8%.
Dogecoin has been something of a wild ride lately. This meme-centric digital currency has posted mixed results, with a modest 1% increase over the last day, albeit it's still down 17.2% for the week and 33.8% for the month.
Even amidst recent price swings, DOGE boasts a 1.3% gain over the last year. This unexpected durability has piqued the interest of several analysts who are turning to technical metrics to forecast upcoming movements.
DOGE Price
The 100-week Simple Moving Average (SMA) is proving to be a crucial marker for Dogecoin. Noted X analyst Trader Tardigrade observes that significant bullish movements in DOGE's past have often followed breakthroughs beyond this long-term barrier.
Reflecting on previous market behavior reveals a repeating scenario. During the 2017-2018 bull market frenzy, Dogecoin lingered below the 100-week SMA before making a breakout that led to a rally.
An echo of this same playbook was seen in the 2020-2021 bullish run. After crossing beyond the 100-week SMA, Dogecoin saw a surge and later relied on this marker for support during pullbacks.
Presently, DOGE is once again at this pivotal point. If past patterns reappear, breaking through could see Dogecoin inch toward $2.80, as per Trader Tardigrade's insights.
Signals from the Relative Strength Index (RSI) add more fuel to the bullish fire. The charts pinpoint DOGE entering oversold territory—a zone that has historically forecasted price bottoms before subsequent uptrends.
This technical framework adheres to a pattern where DOGE crafts a low prior to carving out a lower low, all while the RSI remains oversold. Historically, this setup has been a precursor to price recoveries.
CryptoElites, another analyst, highlights a breakout pattern in Dogecoin characterized by a symmetrical triangle. This pattern hints that if market momentum holds and economic conditions align, DOGE might target the $5 mark.
Blockchain data is uncovering increasingly avid adoption despite price drops. According to Glassnode, new DOGE wallet creation saw more than a twofold increase, climbing from 16,400 in early February to 34,600 a month later.
This uptick in network activity signifies a growing intrigue in Dogecoin, even as the price declines. Traditionally, increased adoption has preceded bullish movements for this meme asset.
Market analyst Ali Martinez is even more optimistic. His forecast suggests Dogecoin could skyrocket by 11,811%, reaching $20 if it continues to hold the pivotal support of $0.16.
Martinez emphasizes that Dogecoin has navigated within an ascending channel since 2015. The current positioning near this channel's lower end has historically acted as support during declines.
Should this support remain intact, Martinez foresees DOGE bouncing upward to the mid or even upper limits of the ascending channel. These targets align with notable Fibonacci extension levels at $2.77 and $20.
This ambitious $20 prediction is echoed by another analyst, Javon Marks, who argues it's attainable for this meme token under the right circumstances.
On March 13, 2025, Dogecoin is trading close to $0.17, experiencing a 2% rise just today. It persistently holds above the analysts' flagged $0.16 mark.
The sharp increase in new wallet addresses over the last month underpins the narrative of growing engagement. Numbers moved from 16,400 to 34,600 new wallets against the backdrop of revitalized interest in the Dogecoin sphere.
A combination of technical signs, network growth, and historic behavior hints that Dogecoin might be on the brink of a rally. However, it must conquer imminent resistance to solidify this bullish perspective.
