Dogecoin (DOGE) Price fell more than 70% after $ 0.48 in December 2024. Interestingly, Memecoin’s richest holders are accumulated during the price drop, indicating trust in potential rebounds in the next few weeks.
Dogecoin Onchain indicators are hints with price rebound.
According to Santiment’s onchain data, despite the price drop, the wallet with at least a million Doges has increased by 1.24% since early February. On the other hand, the activity address suggests that the network activity is increasing by increasing to four months.
Dogecoin has a minimum price of a million people. Source: Santiment
In general, when a large holder accumulates the asset, if the price falls, the asset is accumulated and indicates that there is a position for future recoil.
As the active address increases, the participation in the network is increasing and retail interest is increasing.
If such a surge in user activity comes from actual adoption rather than speculative transactions or panic sales, you can provide Onchain Foundation for prices. In November, a similar pattern was observed in the 200%plus price rally.
DOGE increases the possibility of a rally of 30%overway.
Dogecoin currently tests a supporting point consisting of supporting ascending trend lines for many years, which triggered a historically strong reversal and 200 weeks index moving average (EMA) to about $ 0.13.
Doge/USD weekly price chart. Source: TradingView
In addition, the probability -free RSI and over -over/hydrangea conditions, which are indicators to measure momentum, show strong in the overall acid area (less than 0.30 readings).
This signal usually indicates that sales pressure is weakened. In the case of DOGE, the low level crossover is ahead of 400% recovery in 2024 and more powerful than the 88% profit in 2023.
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The first major resistance is close to $ 0.22, consistent with the 50 -week index moving average (50 weeks EMA) and the March -April -April resistance area of the DOGE.
Doge/USD weekly price chart. Source: TradingView
However, if the Doge does not maintain its support, the strong setting will be invalidated, which can lead to deeper modifications to $ 0.12, which is used as a support for March 5, 2024.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.