Billionaire Snaps Up Dogecoin at Rock-Bottom Prices – Is DOGE About to Skyrocket 30%?

Jakarta, Pintu News – The price of Dogecoin DOGE->Current DOGE PriceRp 0Market Cap-Trading Volume-Circulating Supply- has fallen by more than 70% since reaching $0.48 in December 2024.

Interestingly, the largest holders of this meme coin continue to accumulate more DOGE as the price drops. This shows that they still believe in the possibility of a price recovery in the coming weeks.

Dogecoin Onchain Metrics Hint at Potential Price Recovery

Onchain data from Santiment shows that the number of wallets holding at least 1 million DOGE increased by 1.24% since the beginning of February, despite the continued fall in price.

Read also: Dogecoin Price Increased Today (3/19/25): What is DOGE Analysis and Prediction Now?

Meanwhile, the number of active addresses jumped to the highest level in four months, signaling an increase in network activity.

Generally speaking, when large holders continue to accumulate an asset amidst a price decline, it indicates that they consider the asset to be undervalued and are preparing for a potential recovery in the future.

The spike in the number of active addresses reflects higher engagement on the network, which could indicate increased interest from retail investors.

If this increase in activity comes from real adoption, rather than mere speculation or panic selling, then it could provide a strong onchain basis for price recovery. A similar pattern previously occurred when DOGE experienced a price spike of over 200% in November.

DOGE in Oversold Condition, Potential to Rise 30%

Currently, Dogecoin (DOGE) is testing a strong support area consisting of the long-term uptrend line and the 200-week exponential moving average (200-week EMA) around $0.13. This area has previously triggered significant bullish price reversals.

In addition, the Stochastic RSI indicator, which measures momentum as well as overbought/oversold conditions, showed a bullish cross in the oversold zone (below the 0.30 level). This signal usually indicates that selling pressure is starting to weaken.

Read also: Pepe Coin Poised to Explode 40X Amid Bull Run? Here’s How Crypto Experts Analyze

In the case of DOGE, this crossover at the previous low has preceded major price spikes, including a 400% increase in 2024 and 88% in 2023.

The first major resistance level is around $0.22, which coincides with the 50-week exponential moving average (50-week EMA, red line) as well as the resistance area from March-April 2024.

However, if DOGE fails to hold this support area, the bullish scenario could be invalidated, and the price risks a deeper correction towards $0.12, a level that was once support in the March-May 2024 period.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Dogecoin millionaires are buying dips as DOGE price eyes 30% rally. Accessed on March 19, 2025