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Dogecoin has hit the $0.17 resistance level as network expansion records 34,600 new addresses. Will this recovery drive the $DOGE price to $0.59?
With the broader market’s minor recovery, the market valuation of meme coins has risen to $46.86 billion. Among the beneficiaries was Dogecoin, which maintains stability above $0.15, with a 3.22% surge in the past 24 hours.
Notably, Dogecoin has experienced a sharp 22% pullback over the past seven days. However, the recent short-term recovery hints at a potential comeback rally for Dogecoin.
Dogecoin Teases Consolidation Under $0.17
In the daily chart, Dogecoin’s price trend shows a quick rejection at lower levels. The bullish comeback from a swing low of $0.1427 highlights strong bullish dominance near the $0.15 psychological mark.
With two consecutive bullish candles, Dogecoin has resurfaced above the broken support trendline. Currently, Dogecoin is trading at a market price of $0.1666, with an intraday pullback of 3.35%.
This pullback is on the verge of undermining the 4.84% jump seen yesterday. Amid the declining trend, the daily RSI line is fluctuating near the oversold level.
Additionally, the price drop has led to a death cross between the 50-day and 200-day EMA lines. Given the increased volatility between strong horizontal levels, Dogecoin hints at a potential consolidation range. The overhead resistance is at the $0.17394 horizontal level, with crucial support at $0.1402.
Analyst Targets New Swing High at $0.59
Amid rising expectations of a bullish comeback, crypto analyst Ali Martinez identifies several bullish possibilities for Dogecoin. According to Martinez, the $DOGE price action shows a potential bullish reversal with a Doji candle on the weekly chart.
Doji candles are widely known for signaling a reversal in the prevailing trend. Martinez also highlights a rising channel pattern in the weekly chart.
Thus, Dogecoin is testing a crucial support level near the parallel channel’s baseline. The meme coin may be poised for a bullish rally with the confluence of multiple supports and the weekly Doji candle.
The analyst projects a rebound toward the mid or upper boundary of the channel, setting a price target near $0.5695.
$DOGE remains at a key support level within this channel. If it holds, a rebound toward the mid or upper boundary could be in play! pic.twitter.com/iojmu7kIk4
— Ali (@ali_charts) March 13, 2025
Additionally, Martinez notes the recent expansion in the Dogecoin network. According to data from Glassnode, the number of new $DOGE addresses has doubled in the past month, increasing from 16,400 to 34,600 new addresses.
#Dogecoin $DOGE network is expanding! New addresses have doubled in the past month, climbing from 16,400 to 34,600. pic.twitter.com/rjWuBcy38n
— Ali (@ali_charts) March 12, 2025