Dogecoin’s price is showing strong resilience, holding steady at crucial support around $0.16, despite broader market uncertainty. Increased whale accumulation and a surge in address activity are fueling speculation that a rally toward $1 may be on the horizon.
A recent doji candle on Dogecoin’s weekly chart suggests a potential trend reversal to the upside, a pattern that has historically preceded significant price surges. This has led to growing optimism among traders who see a possible recovery for the meme coin.
Crypto analyst Trader Tardigrade pointed out that a similar doji formation marked Dogecoin’s last major price increase, further fueling expectations of a rally. As long as the price maintains support at $0.16, the potential for upward movement remains intact. Currently, Dogecoin is trading at $0.1675, showing a 3.05% increase, with daily trading volumes exceeding $1 billion—up 13% from the previous day. Additionally, options trading volume has surged 31%, highlighting increased investor interest.
On-chain data also reveals a significant spike in wallet activity. The number of wallets holding at least 1 million DOGE has risen, even as the coin experienced a 37% decline over the past month. Active addresses have reached a four-month high, indicating renewed interest in Dogecoin, despite recent price erosion.
For the rally to gain traction, Dogecoin will likely need broader market support, and positive developments around a potential Dogecoin ETF could further fuel momentum. Some analysts are even predicting a parabolic rally, with price targets exceeding $20, but that will depend on market conditions and continued address growth.
Related topics:
Terra Luna Classic: Community Demands Changes to LUNC Staking Model
XRP and Ethereum Status in View as Ripple SEC Lawsuit Settlement Progresses
Dogecoin Price Poised for Massive Rebound as Indicators Signal a Bottom
