Dogecoin(Doge) Price fell by more than 70% after reaching $0.48 in December 2024. Interestingly, Memecoin’s wealthiest holders have accumulated accumulation during the price drop, indicating that they are confident in the potential rebound in the coming weeks.
Dogecoin Onchain indicator hints price rebound
santiment’s chain data show The wallets holding at least 1 million goalkeepers have increased by 1.24% since early February despite the price drop. Meanwhile, active addresses have soared to four-month highs, indicating an increase in network activity.
Dogecoin solves at least one million thresholds with price addresses. Source: santiment
Typically, when large holders accumulate assets as prices fall, it indicates that they are seeing undervalues and are positioning for a future rebound.
The increase in active addresses indicates higher network engagement, which may reflect the growing benefits of retail.
If this surge in user activity stems from actual adoption rather than speculative trading or panic sales, it can be provided for the OnChain base required for price recovery. exist Doge’s 200%+ price gathering November.
Doge exceeds, increasing the chances of gatherings by 30%
Dogecoin is currently testing a support rate that includes years of upgraded trendline support, a level that has historically triggered a strong bullish reversal and a 200-week exponential moving average (200-week EMA) of about $0.13.
DOGE/USD weekly price chart. Source: TradingView
Additionally, the random RSI is a measure of momentum and too much/overload condition that shows bullish crosses in the oversell area (below 0.30 readings).
This signal usually indicates that sales pressure is decreasing. In the case of Doge, this low-level crossover has a high price recovery rate before, especially with a 400% price in 2024 and a 88% return in 2023.
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The first major resistance level is close to $0.22 at $0.22, consistent with Doge’s 50-week exponential moving average (50-week EMA; red wave) and the March 4, 2024 resistance area as shown below.
DOGE/USD weekly price chart. Source: TradingView
However, if Doge fails to hold the support convergence, it could invalidate the bullish setting, correcting the $0.12 more deeply, which is the March 2024 support for March 2024.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
