Dogecoin (DOGE) Price: Bulls Ready to Take Control After Weeks of Sideways Action

TLDR

Table of Contents

Dogecoin is showing signs of a potential breakout toward $0.29 in the short term
Technical analysts have identified an Ascending Triangle pattern on the 4-hour chart
DOGE wallet addresses have increased by 1.24% since February, with 62 new wallets holding over 1 million DOGE
Active addresses have spiked to over 150,000 daily, the highest since mid-November
Despite current price sitting around $0.16, analysts remain optimistic about recovery

After an uneventful week of sideways trading, Dogecoin appears to be preparing for a potential rally. The price currently sits at $0.16, having lost 3% over the last day.

Despite this drop, DOGE has gained 6% over the past seven days. This mixed performance has caught the attention of market analysts who see signs of an upcoming breakout.

Technical analyst Igor Bondarenko points to DOGE approaching its 20-day exponential moving average (EMA). This indicator could serve as a support level for traders entering the market.

Bondarenko predicts that a successful breakout could drive DOGE to $0.23 and potentially $0.29. However, he cautions that failure to break the EMA might lead to a decline toward $0.10.

Another analyst, Trader Tardigrade, has identified an Ascending Triangle pattern on the 4-hour chart. This pattern features a horizontal resistance line and a rising support line, usually pointing to a bullish continuation.

The formation of this pattern suggests DOGE may be gearing up for an upward breakout. Trader Tardigrade believes this could result in a rebound to the $0.20 level after a brief pullback.

#Dogecoin will keep surging until 2026 🔥$Doge fractals 🚀🚀 pic.twitter.com/vvdslzqFBW
— Trader Tardigrade (@TATrader_Alan) March 19, 2025

Further supporting the recovery thesis, DOGE closed last week with a Doji Candle. This candlestick formation often signals a potential reversal from a downtrend to an uptrend.

Trader Tardigrade noted that the last time this pattern appeared, it preceded an upward move. This historical precedent adds weight to the current bullish outlook.

400% spike in active addresses

On-chain metrics also paint a promising picture for Dogecoin. Address activity has soared to 1 million unique users, with active addresses spiking by 400%.

According to data from market intelligence platform Santiment, daily active DOGE addresses have exceeded 150,000. This marks the highest level of activity since mid-November last year.

Wallets holding at least 1 million DOGE have grown by 62 since February. This represents a 1.24% increase in large holders during the recent crypto market retrace.

Accumulation by large holders often influences price movements. Market observers suggest keeping an eye on these wallet increases as potential indicators of future price action.

Fundamentals are also showing potential for larger gains. BlackRock’s filing of a DOGE ETF application could trigger investor interest in the memecoin.

The asset appears to be evolving beyond its meme status. More institutional players are watching the space as DOGE begins to develop real-world applications.

Analysts remain optimistic

Some optimistic analysts have made bold long-term projections. Pseudonymous analyst DOGECAPITAL cited cyclical patterns from 2021 to support a much higher price target.

“If historical trends repeat, Dogecoin is likely to begin its upward reversal soon, entering phase 2 of its parabolic rise,” stated DOGECAPITAL.

While the broader trend for DOGE has been bearish, short-term indicators suggest a potential recovery. Traders should watch the key levels mentioned by analysts to gauge the strength of any upward move.

The combination of technical patterns, on-chain metrics, and growing institutional interest provides multiple factors that could drive DOGE’s price in the coming weeks.

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