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
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