Dogecoin (DOGE) is exhibiting strength, currently holding a crucial support level within an ascending channel, suggesting a potential price upswing. Analyst Ali Martinez highlights this support at $0.16 as key; if it holds, a significant rebound is likely.

This positive price action is complemented by increased network activity. New wallet addresses have more than doubled in the last month, rising from 16,400 to 34,600. This surge indicates growing user adoption and potentially increased development activity.

However, Martinez cautions that a break below the $0.16 support could lead to a price drop to $0.09. He views this potential drop as a possible buying opportunity.

At the time of writing, DOGE is trading at $0.1693, reflecting a 6% increase over the past 24 hours (according to CoinMarketCap). Further price details are omitted.