TLDR
- DOGE price has corrected 30% in the past week, falling below $0.20 support level
- Analysts identified key demand zones at $0.16 and $0.13 that could trigger a rebound
- Active addresses on the Dogecoin network surged 270% in 24 hours, reaching 264,000
- Whales have accumulated 1.7 billion DOGE over the past 72 hours
- Analysts remain bullish long-term with some projections suggesting DOGE could reach $2.74 to $6.24
Dogecoin is testing critical support levels after falling below $0.20, but on-chain metrics suggest a potential rebound may be on the horizon. The popular meme cryptocurrency has experienced four consecutive negative daily candles, bringing its weekly correction to approximately 30%.
As of March 10, 2025, DOGE is trading at $0.1726, down 9.29% in the last 24 hours. Trading volume has surged 115% to over $2.01 billion as the market responds to the price movement.
The price drop comes alongside the broader cryptocurrency market correction that began last week when Bitcoin briefly dipped to $80,000. Despite this downward pressure, multiple analysts have identified key demand zones that could serve as springboards for a recovery.
Pseudonymous analyst “TheGift94” highlighted three potential buying zones in a recent TradingView analysis. The first support at $0.20 has already been breached with yesterday’s 13% correction.
The next two demand zones identified by the analyst sit at $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin’s price trajectory.
Some analysts hold more bearish short-term outlooks. TradingView analyst MMBTtrader suggests DOGE could potentially drop further to $0.08131, a level not seen since August 2024. This would represent a 53% correction from recent highs.
However, the same analyst predicts that such a drop would set up a strong bounce from this “global support” level, potentially sending DOGE back to reclaim the $0.40 mark. This aligns with the cyclic nature often observed in cryptocurrency markets.
Despite the current price weakness, on-chain metrics paint a more optimistic picture. The number of active addresses on the Dogecoin network has increased dramatically by 270% in just 24 hours, jumping from 71,750 to 264,000.
A surge in network activity often precedes price
This surge in network activity often precedes price movements as it indicates growing user engagement with the blockchain. Higher activity levels suggest increased interest that could translate to upward price pressure.
Whale movements also appear to support a bullish case. Large holders have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This behavior suggests that major investors may be positioning themselves for an anticipated upswing.
Open interest in DOGE derivatives has decreased by 12.91% to $1.45 billion. Meanwhile, liquidations have reached $21 million in the past 24 hours according to data from Coinglass.
Crypto analyst Ali Martinez has emphasized the importance of maintaining support above the $0.16 level. According to Martinez, this threshold is crucial for DOGE to maintain momentum and potentially fuel a strong rebound.
Martinez previously suggested that if bulls can defend this support level, DOGE could eventually target much higher prices. His analysis points to potential targets of $2.74 or even as high as $6.24 during this market cycle.
The total market capitalization of Dogecoin currently stands at approximately $25 billion, making it one of the larger cryptocurrencies by valuation despite recent price challenges.
Dogecoin wallet addresses have also reached an all-time high, suggesting continued growth in the user base despite price volatility. This metric is often viewed as a fundamental strength indicator for cryptocurrency networks.
For traders looking to dollar-cost average their positions or begin accumulating DOGE, these identified support zones may present strategic entry points. However, market uncertainty remains high as the broader crypto market continues to demonstrate volatility.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
