Dogecoin Price Eyes Breakout as New DOGE Addresses Soar 110%

Dogecoin (DOGE) Price: A Potential Breakout Amidst Selling Pressure

Despite recent price fluctuations, including a 16.62% drop over the past seven days, Dogecoin shows signs of potential recovery. This optimism stems from significant growth within the Dogecoin ecosystem.

Expanding Dogecoin Network Signals Increased Adoption

On-chain analyst Ali Martinez highlights a key development: the number of new Dogecoin addresses has more than doubled in the past month, rising from 16,400 to 34,600 – a 110% increase. This surge suggests growing adoption and investor interest, despite bearish sentiment. This expansion could lead to increased trading volume and liquidity, potentially driving DOGE's price upward. However, sustained interest from new users is crucial for long-term growth.

Source: X

Current Market Conditions

At the time of writing, DOGE is up 3.22% in the last 24 hours, trading at $0.1719. This rebound comes as the coin attempts to break above the $0.18 resistance level. Analysts suggest that active trading is necessary for DOGE to continue its upward trajectory and retest the $0.20 level. However, trading volume remains down by 32.46% at $1.74 billion.

Will Adoption Fuel a Rally or Further Losses?

A historical analysis reveals March hasn't always been kind to DOGE. Data from Cryptorank shows an average March growth of only 0.07% over the past 11 years. In six of those years, March ended negatively for DOGE, with the largest loss being 53.3% in 2018. Significant losses were also recorded in 2014 (52.9%), 2015 (13.3%), and 2020 (18.9%). Conversely, 2024 saw an impressive 87.5% increase, closing March at a record high of $0.22.

Dogecoin Price Chart

Positive years for DOGE in March include 2017 (59.6% gain) and 2021 (11.1% gain). With approximately 18 days remaining in March 2025, DOGE is currently down 17.2%. Continued negative performance could solidify a bearish trend unless a significant shift occurs.

Key Levels to Watch for a Potential Breakout

Market analysts offer varying perspectives on DOGE's future price movement. While the historical March performance and current volatility present challenges, the recent rebound from the $0.14 support level offers a glimmer of hope. A sustained buying pressure is considered necessary to push DOGE past the $0.20 mark. Technical analysis indicates DOGE is approaching the 0.702 and 0.786 Fibonacci retracement levels; breaking above these levels could trigger a strong bullish trend.

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