TLDR:
- Dogecoin price has rebounded 5.38% from key support level after a 70% drop from its cycle high
- DOGE network growth shows new addresses doubling from 16,400 to 34,600 in the past month
- Technical indicators suggest a possible breakout from a descending wedge pattern
- Previous stock RSI bullish crossovers led to 88% and 187% price increases
- Analysts identify $3 as potential target if current support holds
Dogecoin’s Technical Bounce and Network Expansion
Dogecoin’s price has gained 5.38% as it rebounds from a key support level. This comes after a steep 70% decline from its cycle high of $0.479 reached in November 2024.
The popular meme coin is now trading at $0.172. This represents a modest recovery after hitting a low of $0.142 on March 11, 2025.
DOGE Price
Technical analysts have identified a bullish pattern forming on the charts. Dogecoin is currently trading inside a descending wedge pattern on the daily timeframe.
This pattern is typically considered bullish. It suggests a potential breakout could occur as the price approaches the end of the wedge formation.
Crypto analyst Ali Martinez highlighted Dogecoin’s position within a key price channel. “If this support holds, we might see a rebound toward the mid or upper boundary of the channel,” Martinez noted.
$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
The analyst pointed to previous stock RSI bullish crossovers on the weekly chart. These led to price surges of 88% and 187% in October 2023 and February 2024 respectively.
Another bullish crossover appears to be forming now. This technical signal has some analysts setting price targets as high as $3 for DOGE.
Network data shows growing adoption of Dogecoin. The number of new DOGE addresses has doubled over the past month.
This increase from 16,400 to 34,600 new addresses indicates rising interest in the Dogecoin network. It may provide fundamental support for price appreciation.
Despite these positive short-term signals, the weekly chart shows bearish indicators. The price broke down from the $0.215 horizontal support area that had previously acted as resistance in March 2024.
This breakdown suggests Dogecoin’s upward movement may have ended. If the decline continues, the next support level to watch is around $0.110.
Technical indicators on the weekly timeframe remain bearish. Both the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
The RSI is below 50. The MACD has made a bearish cross, both considered signs of a bearish trend.
Trader Tardigrade has identified a recurring pattern in Dogecoin price action. According to this trader, DOGE typically forms an initial low as the RSI enters the oversold zone.
#Dogecoin follows the pattern of its last bottom ????$DOGE forms an initial low as the RSI falls into the oversold zone, then creates another lower low with a similar RSI reading in the same zone.
If history repeats, an upcoming Bull Run is ahead ???? pic.twitter.com/zxLPZrfkOq
— Trader Tardigrade (@TATrader_Alan) March 12, 2025
This is followed by a second, lower low with the RSI maintaining a similar oversold reading. If this historical pattern holds, Dogecoin could be preparing for an upward move.
The futures market shows increasing interest in DOGE. The open interest has surged more than 4% to $1.40 billion, with 24-hour liquidations exceeding $7.24 million.
Asset managers like Bitwise are pursuing a Dogecoin ETF. This development could trigger major activity for the meme coin if approved.
The current technical setup suggests a potential relief rally in the short term. However, this may be followed by another downward movement unless DOGE achieves a weekly close above the $0.215 level.
