Date: Wed, March 19, 2025 | 07:30 AM GMT
In the cryptocurrency market, the top memecoin Dogecoin (DOGE) has been in a sharp downtrend following its impressive rally in November 2024, when it reached a high of $0.48 on December 8. However, over the last 90 days, DOGE has faced a massive 53% correction, bringing its price down to $0.16.
This sharp decline has shaken investor confidence, but a recent surge in active addresses and historical price patterns suggest that a bullish reversal could be on the horizon.
Surge in Active Addresses
Following the major correction in DOGE’s price, traders are now betting on the dip. According to crypto analyst Ali Martinez, DOGE has witnessed a massive surge in the number of active addresses, crossing the 280,000 mark, now standing at 282,513.
This aggressive accumulation by investors suggests that they view the current price levels as an attractive buying opportunity. Historically, such a rise in network activity has preceded major price movements, making it a key factor to watch.
Key Pattern Points to a Rally
On the latest analysis of @_CryptoSurf, Dogecoin has reached a critical support level, aligning with the 100-week moving average (white line) and the 200-week moving average (orange line). This crossover is a significant technical event, often indicating a major shift in trend.
A similar 100-week and 200-week moving average crossover was witnessed back in 2021, which initiated the historic bull run that took Dogecoin’s price up by over 8,800%, reaching an all-time high of $0.73 in May 2021.
If history repeats itself and this golden cross scenario holds, DOGE could potentially reclaim key resistance levels at $0.22 and $0.30, setting the stage for another rally.
Final Thoughts
While Dogecoin has experienced a deep correction, on-chain metrics and technical patterns suggest that a bottom could be forming. If the support at the 200-week MA holds, DOGE may soon regain momentum, leading to a strong upward move.
With the current crossover of the 100-week and 200-week moving averages, history suggests that DOGE could be on the verge of another parabolic rally. However, traders should remain cautious and wait for confirmation through volume spikes and breakout patterns before making high-risk investments.
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