TLDR

Dogecoin is currently testing its 100-week SMA, a technical level that has historically preceded major price movements
New Dogecoin address creation has surged from 16,400 to 34,600 in just one month
Multiple analysts project potential price targets ranging from $2.80 to as high as $20
DOGE has maintained support at the critical $0.16 level within its long-term ascending channel
Despite a 33.8% monthly decline, Dogecoin remains up 1.3% year-over-year

Dogecoin has experienced choppy waters in recent market conditions. The popular meme cryptocurrency has gained 1% in the past 24 hours but has dropped 17.2% over the week and 33.8% during the past month.

Year-over-year data paints a slightly more positive picture. DOGE has managed to hold onto a 1.3% gain over the past twelve months, showing some staying power despite recent turbulence.

Technical analysts are now focusing on several key indicators that might predict DOGE’s next major move. At the center of this analysis is the 100-week Simple Moving Average (SMA).

Dogecoin
DOGE Price

This particular moving average has proven to be a reliable indicator for Dogecoin in previous market cycles. According to X platform analyst Trader Tardigrade, this level has marked major trend shifts in the past.

Historical data supports this observation. During the 2017-2018 bull market, Dogecoin broke above the 100-week SMA before launching into a strong uptrend.

The pattern repeated during the 2020-2021 bull run. DOGE surged dramatically after crossing above this key technical level and later found support at the same line during pullbacks.

Today, Dogecoin is once again testing this critical level. A successful break above could set the stage for a rally toward $2.80, based on Trader Tardigrade’s projections.

The Relative Strength Index (RSI) offers another positive signal. Current charts show DOGE has entered oversold territory, a condition that has historically preceded price bottoms and subsequent rallies.

This technical setup has been reliable in the past. When DOGE forms a low, then creates a lower low while the RSI remains oversold, it has often signaled the start of new bullish phases.

Another technical formation has caught the attention of analyst CryptoElites. The expert points to a symmetrical triangle breakout pattern forming in Dogecoin’s price action that could propel the token toward $5.

On-chain metrics are also showing strength despite price weakness. Data from Glassnode reveals that new DOGE wallet addresses have more than doubled in just one month.

The number jumped from 16,400 on February 8 to 34,600 by March 10. This rapid growth in network adoption often precedes positive price action in the cryptocurrency market.

Ali Martinez, a respected market analyst, has put forward an even more optimistic scenario. He suggests Dogecoin could surge by 11,811% to reach $20 if it maintains support at the crucial $0.16 level.

Martinez points out that Dogecoin has been trending within an ascending channel since 2015. The current price sits near the lower boundary of this channel, which has acted as strong support during previous downturns.

If this support holds firm, Martinez believes DOGE could bounce toward the mid or upper boundaries of the ascending channel. These targets align with the 1.272 and 1.618 Fibonacci extension levels at $2.77 and $20, respectively.

This extremely bullish prediction is not without precedent. Analyst Javon Marks has previously stated that a $20 price target for Dogecoin is realistic under the right market conditions.

As of the latest market data on March 13, 2025, Dogecoin is trading at approximately $0.17. This represents a 2% increase since the beginning of the trading day.

The recent price action shows DOGE maintaining position above the critical $0.16 support level that many analysts are watching closely. A drop below this threshold could invalidate the bullish outlook.

The substantial increase in new wallet addresses provides evidence of growing interest in the Dogecoin ecosystem. This metric has more than doubled from 16,400 to 34,600 new wallets in just one month.

Technical indicators, combined with robust network growth, suggest Dogecoin may be preparing for a potential trend reversal. The cryptocurrency must first clear immediate resistance levels to confirm this bullish thesis.

The post Dogecoin (DOGE) Price: Key Technical Levels Could Signal Major Trend Reversal Soon appeared first on CoinCentral.

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Filed under: News - @ March 14, 2025 10:04 am