Amid the broader crypto market correction, the Dogecoin price has also tanked over 9% today testing its crucial support levels at $0.16. However, on-chain activity suggests that the positive momentum for DOGE could resume soon amid a 270% surge in active addresses over the last 24 hours. Also, the DOGE whale activity has surged, indicating big players are buying the dips, thereby hinting a potential rebound moving ahead.
Dogecoin Price Rebound Ahead?
Crypto analyst Ali Martinez has highlighted a critical support level for DOGE as it approaches the lower boundary of its current price channel. According to Martinez, maintaining a position above $0.16 is essential for the cryptocurrency to sustain momentum and potentially fuel a strong rebound.
As of press time, the Dogecoin price is trading 9.29% down at $0.1726 with its daily trading volume surging 115% to more than $2.01 billion. Also, the open interest has tanked 12.91% to $1.45 billion while the 24-hour liquidations have shot to $21 million, per the Coinglass data.
Previously, analyst Ali Martinez stated that if bulls manage to hold above the DOGE support levels of $0.16, it can trigger a rally toward $2.74 or even as high as $6.24.
DOGE Active Addresses and Whale Activity
Despite the Dogecoin price heading lower amid broader crypto market correction, market analysts are bullish amid strong on-chain developments. In a significant development for DOGE, the number of active addresses on the network has skyrocketed by 270% in just 24 hours, increasing from 71,750 to 264,000.
On the other hand, the largest whales on the Dogecoin network have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This massive accumulation suggests that major players could be positioned for the next big move, underscoring growing activity and interest in the meme coin. Additionally, the Dogecoin wallet addresses have reached an all-time high, hinting further momentum ahead.
Key Demand Zones for DOGE
Pseudonymous analyst “TheGift94” has outlined potential demand zones where DOGE might stabilize amidst intense selling pressure. In a recent TradingView analysis, the analyst identified three “buying demand zones” critical to the meme coin’s price movement. The first support zone, at $0.20, was breached as Dogecoin’s price fell by 13% yesterday, closing at $0.1678.
The analyst further highlighted two additional zones that could act as support levels: $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin.
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