As Bitcoin price signals a potential rebound beyond $90k, Dogecoin (DOGE) hints at possible bottoming

Since March 11, Dogecoin price has rebounded over 15 percent to trade at about $0.1720.

Dogecoin price has hinted at possible bottoming as Bitcoin price signals a potential rebound beyond $90k soon.

What Happened: As Bitcoin price continues to signal a potential rebound from the critical support level of $90k, major altcoins like Dogecoin are likely to follow suit.

Dogecoin, the leading dog-themed memecoin secured via the proof-of-work consensus method, has hinted at possible bottoming as the crypto is trading at $0.1721 at press time. Since March 11, Dogecoin price has rebounded over 15 percent.

Dogecoin price has depicted a high correlation with Bitcoin price, thus likely to rebound in the near future. Moreover, the crypto market is bound to significantly benefit from the easing yields in the U.S. bond market amid the ongoing bull rally for gold.

Dogecoin Price Expectations From Technical Analysis Standpoint: From a technical analysis standpoint, Dogecoin price has been forming a macro rising trend, characterized by higher highs and higher lows. After a notable decline since the second inauguration of U.S. President Donald Trump, Dogecoin price has been retesting the lower border of a rising channel in the past two weeks.

In the daily time frame, Dogecoin price has been forming an ascending triangle, after being trapped in a parallel falling trend. As a result, a consistent close above the resistant level around $0.178 will result in a 15-20 percent spike in the coming days to retest the upper border of the falling logarithmic trend.

However, a consistent close below 16 cents could trigger further sell-off towards the next target of about 14 cents.

Dogecoin price is expected to find strong support at the 13-14 cents level, which coincides with the 38.2 Fibonacci retracement level of the 2020 bull rally and the lower border of the rising channel.

At press time, Dogecoin is trading at $0.17, with a 24-hour trading volume of $888,578,966.

What's Next For Dogecoin

Dogecoin has grown to a vibrant memecoin ecosystem backed by institutional investors participating in mining processes and global merchants accepting it for payments.

As of this writing, the Dogecoin network has about 6.2 million on-chain holders. According to on-chain data analysis, the Dogecoin network has recorded a significant spike in whale activities during the last week.

In the past week, Dogecoin investors with an account balance of between 1 million and 10 million added around 110 million coins to currently hold about 10.44 billion.

Meanwhile, the number of active addresses on the Dogecoin network has doubled in the past few weeks to about 280k at the time of this writing.