On Tuesday, March 18th, Dogecoin price plunged over 5% to reach $0.163 trading value. The downturn followed a broader market pullback as Bitcoin witnessed overhead supply and struggled to hold the $85,000 mark. While the ongoing correction might deter retail investors, on-chain data reveals renewed interest from whales in this meme cryptocurrency, signaling a higher potential for rebound.
Key Highlights:
- Dogecoin new wallet addresses surged from 16,400 to 34,600, showing renewed interest.
- Since early-December 2024, the Dogecoin price has been resonating within two downsloping trendlines revealing the formation of falling wedge patterns.
- A potential breakout from $0.18 could kickstart a fresh recovery push in DOGE.
DOGE Wallet Activity Spikes Amid Price Correction
The popular dog-themed meme cryptocurrency, Dogecoin, witnessed a sharp correction from a $0.434 high to a $0.164 current trading price in the last two months, registering a loss of 62.5%. Despite a heavy drop in its market value, the Dogecoin network records increasing adoption and wallet activity.
According to data from Santiment, the number of wallets holding at least 1 million DOGE coins has risen by an impressive 1.24%, or 62 new wallets, since February..Additionally, the active addresses for Dogecoin have surged to over 150,000 per day, the highest level seen since mid-November.
The rising number of active addresses and large wallet holdings aligns with the price action seeking suitable bottom support. Combining these factors signals a potential turning point for DOGE and renewed recovery ahead.
Bullish Reversal Could Propel Dogecoin Price Towards $0.20
Since March 10th, 2025, the Dogecoin price showcased a low volatility trading between the $0.18 and $0.146 levels. A series of multiple neutral candles within this narrow range accentuates no aggressive behavior of buyers or sellers toward this asset.
Despite the market uncertainty, the coin price is positioned at the bottom support of a long-coming wedge pattern. The historical data shows each reversal from the lower trendline has acted as a major accumulation point, which bolstered a recovery range from 42% to 65%.
If the DOGE price breaks the overhead resistance of $0.18, the buyers could initiate a similar recovery and drive a 52% surge to challenge the wedge resistance at $0.27.
Also Read: Ethereum MVRV Ratio Suggest a Rebound May Be Imminent — Is $2,500 ETH Close?
