Dogecoin price prediction: DOGE led the recent retreat in meme coins as Bitcoin tumbled from highs above $73,000 to $66,000. The leading dog-themed coin corrected by a staggering 25% to $0.1442 in a couple of days, contributing to widespread selling pressure over the weekend.
Dogecoin Price Prediction As Active Addresses Reach 200k
The correction in Dogecoin has not affected network activity. According to blockchain data presented graphically by IntoTheBlock, the number of active addresses is recovering quickly to 200k.
The same bullish outlook is reflected in the new addresses metric, which currently holds at 103k from approximately 51,000 addresses on March 2.
Despite the sustained rise in network activity, the highest levels reached in February above 500k for both new and active addresses is still a distant dream.
On the bright side, the gradual increase in these metrics underscores rising interest among investors. An improving fundamental picture is crucial for sustaining a long-term bullish outlook.
Following the drastic weekend sell-off, Dogecoin price holds between two key levels – the immediate support at $0.14 and the resistance highlighted by the 0.5 Fibonacci ratio at $0.1455. All the four-hour candles on Monday have closed below this mark, signaling growing selling pressure.
Traders searching for suitable entry positions for long orders are unlikely to buy DOGE at the current market value due to the prevailing uncertainty.
Those with a high-risk appetite will continue to dollar cost average (DCA) into Dogecoin. However, the most conservative would be willing to wait for the meme coin to confirm support at $0.13.
Technical indicators like the Ichimoku cloud reinforce the bearish structure on the four-hour chart implying that sellers have the upper hand. In other words, this means that sell-side pressure might keep holding DOGE down until buying pressure rises significantly. An asset is considered bearish if below the Ichimoku cloud levels and bullish when above it.
The support at $0.13 may hold steady due to the 0.618 Fibonacci ratio. A rebound from this level would imply that Dogecoin has exhausted the downtrend and is on the cusp of an upswing unless another drastic bearish wind sweeps across the crypto market.
Regarding Dogecoin’s recovery to its all-time high of $0.73, FOMO may start to kick in after Dogecoin price breaks above $0.2 resistance.
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