TLDR
- Within a single day, Dogecoin's network showed an astounding 270% increase in active users, reaching a total of 264,000.
- With a decline of 9%, Dogecoin’s price stands at approximately $0.17 as it continues to challenge the $0.16 support line.
- The substantial collection of 1.7 billion DOGE coins by large investors within a mere 72-hour span hints at a potential recovery.
- Prominent analyst 'TheGift94' has pinpointed essential areas of interest around $0.16 and $0.13 where demand could stabilize.
- Some market experts think that maintaining a stance above $0.16 might instigate an escalation towards significantly higher valuations.
Amidst a sweeping correction in the cryptocurrency space, Dogecoin’s value sees a drop of nearly 9% to $0.17, in spite of a remarkable 270% spike in active addresses over the past day, leaping from 71,750 to 264,000.
This well-known meme coin is now challenging crucial support thresholds. Experts assert that staying beyond the $0.16 limit is crucial for DOGE to maintain its pace and potentially spark a resurgence.
Dogecoin has experienced a 115% rise in trading volume, reaching over $2.01 billion, whereas open interest dipped by 12.91% to $1.45 billion, with Coinglass data showing $21 million in liquidations over 24 hours.
The activity of significant stakeholders on the Dogecoin network has amplified, with top whales gathering 1.7 billion DOGE over a recent 72-hour period, indicating that major players are positioning for future movements.
Such massive gathering by key holders coincides with Dogecoin wallet numbers hitting an unprecedented peak, showcasing growing interest in this meme coin despite its recent price slide.
Technical Analysis
Ali Martinez, a crypto analyst, shed light on Dogecoin inching towards the lower edge of its current price trajectory. He previously suggested that if bulls succeed in holding above the $0.16 support, it could trigger an advance toward higher price territories.
#Dogecoin $DOGE Approaching a pivotal support level near the lower boundary of this price channel, maintaining a position above $0.16 could spark a sharp recovery! pic.twitter.com/foCUdbnTFZ
— Ali (@ali_charts) March 9, 2025
The pseudonymous analyst 'TheGift94' highlighted potential zones of demand where Dogecoin might find stability during prevailing selling pressures. In a recent TradingView review, the analyst mapped out three critical demand zones vital for the meme coin’s price direction.
After a 13% fall in Dogecoin's price on the previous day, breaking through the first support zone at $0.20, focus is now on additional zones at $0.16 and $0.13 as possible points of reversal for DOGE.
Another analyst, MMBTtrader, One analyst shared a more pessimistic view, suggesting that DOGE could breach all three identified support zones and plunge back to $0.08131, a level not seen since August. Dogecoin MMBTtrader indicated that Dogecoin might face a substantial drop exceeding 53% following the loss of major daily support at $0.185. However, the analyst anticipated a future surge from the global support at $0.08131 to eventually reclaim $0.40.
Dogecoin has recorded four straight days of downward momentum, correcting by 30% over the past week, in alignment with larger market trends.
Dogecoin Bitcoin made a slight recovery after dipping to $80,000 last week, moving the overarching crypto market in its wake. A 2% increase today mirrored by Dogecoin, which rebounded from $0.1656 just yesterday.
Even with the current downturn, some market participants remain optimistic about Dogecoin’s long-term price potential. Various forecasts signal that DOGE could ascend to much loftier price levels before the current bull market reaches its conclusion.
Currently, Dogecoin is trading at $0.1728, boasting a market cap of $25 billion as of the time of reporting. Despite recent price fluctuations, it continues to stand among the leading meme coins by market value.
Maisie, a seasoned journalist in Crypto and Financial news, has contributed to Moneycheck.com, level-up-casino-app.com, Computing.net, and holds the position of Editor in Chief at Blockfresh.com.
