Dogecoin (DOGE) is eyeing the $1 price tag amid a 37% decline in the past 30 days while investors continue to accumulate during the dip.
By Parth Dubey
Updated
3 mins read
Dogecoin (DOGE), the market-leading meme cryptocurrency, has been experiencing a strong correction in recent months amid the broader crypto market meltdown.
However, technical indicators and on-chain data suggest a potential reversal in the near future. Crypto analyst Trader Tardigrade highlighted an important pattern in Dogecoin’s weekly chart, which is a doji candle formation.
#Dogecoin weekly candle closed with a DOJI 🔥
— Trader Tardigrade (@TATrader_Alan) March 17, 2025
This indicates a potential reversal from a downtrend to an UPTREND at this level.
Looking back at previous $Doge candles, there was a DOJI right at the start of the last SURGE 🚀 pic.twitter.com/QPf5MJI5Cz
The doji pattern, often associated with market indecision, has historically preceded major trend reversals. If history repeats, DOGE could see a price recovery toward $1 and beyond.
Tardigrade pointed out that Dogecoin’s current market structure resembles previous consolidation phases before explosive breakouts. This historical pattern suggests that the meme coin is primed for a major upward move as long as it maintains key support at $0.16.
#Dogecoin repeats the Consolidation at the previous tops 🔥$Doge pic.twitter.com/8C2zlpav9y
— Trader Tardigrade (@TATrader_Alan) March 18, 2025
At the time of writing, Dogecoin is trading at $0.1688, experiencing a 2.67% decline over the past 24 hours. Moreover, the trading volume has also dropped 2% while the Open Interest shot up 1.60% in the past four hours, Coinglass data shows.
While technical data and investors’ sentiment suggest a surge to $1-$1.50, prominent analyst Ali Martinez made a bold prediction, even suggesting a potential parabolic rally toward $20 in the long run.
#Dogecoin $DOGE still has a chance to go parabolic if the $0.16 support level holds! pic.twitter.com/NoHS9nnfr3
— Ali (@ali_charts) March 14, 2025
Despite a 37% price drop in the last 30 days, on-chain data presents a bullish picture for Dogecoin.
Blockchain analytics platform Santiment reported that the number of wallets holding at least 1 million DOGE has been increasing, indicating accumulation by large holders.
Additionally, active addresses have reached a four-month high, suggesting renewed network activity and investor interest.
This uptick in large-holder accumulation and active wallets could provide a strong support base for a potential price rebound alongside potential approval of spot Dogecoin exchange-traded funds (ETFs).
The 20-day Exponential Moving Average (EMA) stands at $0.1875, while DOGE currently trades at $0.1688, slightly below this crucial level. A bullish rally above the 20-day EMA could support further uptrend for the leading meme token.
Meanwhile, the Relative Strength Index (RSI) is at 37.23. This indicates that DOGE is nearing oversold territory. Historically, such levels have been followed by price recoveries.
The key resistance levels to watch include $0.1875 (20-day EMA), $0.2421 (0.786 Fib level), $0.3036 (1.618 Fib level), and $0.40+ (breakout region).
If Dogecoin reclaims $0.1875 and surpasses $0.24, a breakout toward $0.40 could be the next logical move. However, failure to hold $0.16 could lead to a retest of lower support levels around $0.14.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.