Dogecoin (DOGE) Price Hits the $0.17 Resistance Level as Network Expansion Records 34600 New Addresses

With the broader market's minor recovery, the market valuation of meme coins has risen to $46.86 billion. Among the beneficiaries was Dogecoin, which maintains stability

Dogecoin price has hit the $0.17 resistance level as new data shows that the network expanded with 34,600 new addresses.

The broader cryptocurrency market continues its minor recovery, and the market valuation of meme coins has risen to $46.86 billion. Among the beneficiaries is Dogecoin, which is now trading above the $0.15 level with a 3.22% surge in the past 24 hours.

It is worth noting that Dogecoin has seen a 22% pullback over the past seven days. However, the recent short-term recovery hints at a potential comeback rally for Dogecoin.

Dogecoin Price Teases Consolidation As It Drops From $0.17

The daily chart shows that the Dogecoin price trend is quickly rejecting lower levels. The bullish comeback from a swing low of $0.1427 highlights strong bullish dominance near the $0.15 psychological mark.

As the price bounced back, it broke the support trendline. However, Dogecoin quickly recovered from the lows with two consecutive bullish candles.

At the time of writing, Dogecoin is trading at a market price of $0.1666, with an intraday pullback of 3.35%. This pullback comes after a 4.84% jump that occurred yesterday.

Amid the decreasing trend, the daily RSI line is pivoting near the oversold level. Moreover, the price drop has led to a death cross between the 50-day and 200-day EMA lines.

With the increased volatility between strong horizontal levels, Dogecoin hints at a potential consolidation range. The overhead resistance is at the $0.17394 horizontal level, while the crucial support is at $0.1402.

Analyst Spots A Possibility For Dogecoin To Hit $0.59

Amid rising expectations of a bullish comeback, crypto analyst Ali Martinez has identified several bullish possibilities for Dogecoin. According to Martinez, the DEGO price action shows a potential bullish reversal with a Doji candle on the weekly chart.

Doji candles are widely known for signaling a reversal in the prevailing trend. Martinez also highlights a rising channel pattern in the weekly chart. Thus, Dogecoin is testing a crucial support level near the parallel channel’s baseline.

The meme coin may be poised for a bullish rally with the confluence of multiple supports and the weekly Doji candle. The analyst projects a rebound toward the mid or upper boundary of the channel, setting a price target near $0.5695.

$DOGE remains at a key support level within this channel. If it holds, a rebound toward the mid or upper boundary could be in play!pic.twitter.com/iojmu7kIk4

— Ali (@ali_charts) March 13, 2025

Furthermore, Martinez has noted the recent expansion in the Dogecoin network. According to data from Glassnode, the number of new DOGE addresses has doubled in the past month, increasing from 16,400 to 34,600 new addresses.

#Dogecoin $DOGE network is expanding! New addresses have doubled in the past month, climbing from 16,400 to 34,600.pic.twitter.com/rjWuBcy38n

— Ali (@ali_charts) March 12, 2025