Dogecoin ($DOGE), the well-liked meme-inspired cryptocurrency, might be on the edge of a serious comeback. Technical analysis and a swell of new investor interest have the original Bitcoin joke looking like a serious play for bullish momentum in the days ahead. Data tells us that $DOGE has been holding its ground, maintaining the appearance of an ascending parallel channel, with the channel’s key price levels revealing real potential for a limp, dog-like coin to deliver some gains. Technical Indicators Suggest a Potential Upswing Dogecoin has held up well in recent trading sessions and remains quite secure in an established ascending parallel channel. As such, it seems to be poised for an upcoming move to the upside. The TD Sequential indicator, a tool that many traders use to find potential reversal points in price trends, has given the first buy signal seen in a while on Dogecoin’s 4-day chart. The buy signal manifests when the indicator counts up to nine and is then reset. Historical performance of the indicator suggests a solid level of reliability. #Dogecoin $DOGE may be gearing up for a rebound as the TD Sequential indicator flashes a buy signal on the 4-day chart! pic.twitter.com/sQATfdwiQ7 — Ali (@ali_charts) March 6, 2025 Currently, the lower boundary of the ascending channel is at $0.16. As long as Dogecoin’s price stays above this critical support level, the bounce-back possibility is very much alive. If the cryptocurrency keeps this price structure, it might be en route to a mid-channel target of $2.74. More optimistic forecasts have us looking at the upper boundary of the channel, around $6.24, as a plausible target. And these levels, of course, represent significant upside potential. #Dogecoin $DOGE remains within an ascending parallel channel. As long as the lower boundary at $0.16 holds, a rebound toward the mid-channel at $2.74 or even the upper boundary at $6.24 remains a probability! pic.twitter.com/L0p9ePH5ZV — Ali (@ali_charts) March 5, 2025 Record-Breaking Address Growth and Whale Activity Fueling Optimism Dogecoin enthusiasts have cause to be optimistic based on what the crypto’s on-chain data reveals. The total number of Dogecoin addresses has recently reached an all-time high, exceeding 83.48 million addresses. The total number of #Dogecoin $DOGE addresses has hit a new all-time high of 83.48 million! pic.twitter.com/wijHtgcVWI — Ali (@ali_charts) March 5, 2025 This particular milestone is significant for a number of reasons: 1. Address Growth: The 83.48 million address mark signifies unprecedented interest in Dogecoin. More and more, it’s not just individuals using the meme coin; even entities are getting in on the act. The way in which an address grows is often viewed as a very positive event, denoting an uptick in the foundational supportive base for a cryptocurrency. With more people either purchasing or holding the digital asset, the thought is that this move might place upward price pressure on the token. Unlike with Bitcoin, which has a seeming affinity to its cumulative address count, Dogecoin’s move in active address growth has gone largely unnoticed. Also, major investors, frequently called “whales,” have been participating in the market not long ago, which adds to the good feelings around Dogecoin. In the last 24 hours, these whales bought a remarkable 180 million Dogecoin tokens. We usually look at whale activity as being very indicative of where prices are headed, seeing as how these are the kind of folks who have the muscle to move markets. Their buying behavior is, in fact, a kind of litmus test for the faith that the big-money crowd has in a coin’s potential for price appreciation. Whales have bought another 180 million #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/qdOuKeA61w — Ali (@ali_charts) March 5, 2025 Market Sentiment and the Road Ahead for Dogecoin Signals of a technical kind, alongside a growing number of new addresses, and purchases by so-called whales (large investors), have combined to produce a favorable picture for Dogecoin. As the cryptocurrency space keeps maturing, assets like Dogecoin that have an unshakable community and favorable technical setups are likely to see not just increased volatility but also some added price movement. Nevertheless, this chance should be taken with caution and care, for it is still the very essence of speculation. Cryptocurrencies, including Dogecoin, are purely speculative and can experience rapid price fluctuations. Everything that has happened in the past week and everything that is happening right now suggests an ongoing attempt—at least by some in the market—to create a new rally. But it is of the utmost importance for all investors to practice vigilance and remain informed in times like these. In conclusion, Dogecoin’s future seems bright in the short term, with robust technical indicators now pointing to a possible rebound, along with user adoption pushing ever upward. As long as the 16-cent support holds, Dogecoin could be on the verge of a serious price rally, making it an asset to watch closely for both traders and long-term holders. Of course, with the kind of increasing whale activity and network adoption seen of late, there’s every reason to think the future is a lot more than just meme coin magic. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: winst2014/ 123RF // Image Effects by Colorcinch
