This On-Chain Dogecoin Metric Hits ATH, But Where Is The DOGE Price Headed Next?

Dogecoin's network has expanded significantly, with the total number of wallet addresses reaching a new all-time high of 83.48 million, according to crypto expert Ali on X (formerly Twitter). This highlights continued interest in the meme-based cryptocurrency. Dogecoin's price also saw a 6.12% increase in the past 24 hours, sparking discussion about its future price movement.

On-chain metrics demonstrate consistent growth in DOGE holders, despite price volatility. This increase in addresses suggests ongoing engagement, whether through long-term investment or portfolio diversification. Historically, increased network adoption has been a positive indicator of long-term market strength.

The price trajectory presents a contrasting narrative. Since late January, DOGE's price has fallen from approximately $0.30 to $0.18, with a brief recovery in early March followed by renewed downward pressure. The discrepancy between growing addresses and price stagnation raises questions about the cryptocurrency's current market dynamics.

Dogecoin Technical Analysis

Chart analysis suggests DOGE's price is trading within a descending wedge pattern, often considered a bullish formation. This suggests a potential turning point. A break above the $0.24 resistance level could trigger a significant rally, with optimistic predictions ranging from $0.30 to as high as $1.00.

The $0.19 support level remains intact after withstanding multiple tests. The 9-day SMA at $0.208 acts as short-term resistance. The RSI at 37.92 indicates DOGE is approaching oversold conditions, increasing the likelihood of a price reversal.

DOGE Key Levels to Watch

Traders are closely monitoring the $0.24 resistance level. A break above this level, accompanied by high trading volume, would confirm a bullish trend. Conversely, failure to hold the $0.19 support could lead to further selling pressure. Volume analysis will be crucial in determining whether the asset is gaining genuine momentum or experiencing a temporary relief rally.

Given DOGE's recent 6.12% price increase, traders are seeking confirmation of an extended rally or a retest of lower support levels. The growing number of holders may support a long-term bullish outlook, but price action remains heavily influenced by broader market trends.