Dogecoin (CRYPTO: DOGE) has been navigating choppy waters amid broader market volatility. The popular meme cryptocurrency rose by 1% in the past 24 hours but dropped 17.2% over the week and 33.8% over the past month.

However, year-over-year data reveals a slightly more positive picture. In the past twelve months, DOGE has managed to maintain a 1.3% gain, showcasing some resilience despite recent turbulence.

As technical analysts delve deeper into the cryptocurrency’s performance, several key indicators are now coming into focus, which might predict the next major move for Dogecoin.

At the center of this analysis is the 100-week Simple Moving Average (SMA).

This particular moving average has proven to be a reliable indicator for Dogecoin in previous market cycles. As observed by X platform analyst Trader Tardigrade, this level has marked major trend shifts.

During the 2017-2018 bull market, Dogecoin crossed above the 100-week SMA before launching into a strong uptrend. The pattern repeated during the 2020-2021 bull run.

Dogecoin surged dramatically after crossing above this key technical level and later found support at the same line during pullbacks.

Now, Dogecoin is once again testing this critical level. A successful break above could set the stage for a rally toward $2.80, according to Trader Tardigrade’s projections.

Another technical indicator, the Relative Strength Index (RSI), offers a positive signal. Current charts show that Dogecoin has entered oversold territory.

This condition has usually been followed by price bottoms and subsequent rallies. Technical analyst Alize easily spotted this technical setup.

When Dogecoin forms a low, then creates a lower low while the RSI remains oversold, it has often signaled the start of new bullish phases.

Chart: Benzinga Pro

Another technical formation has caught the attention of analyst CryptoElites, who suggests that a symmetrical triangle breakout pattern is forming in Dogecoin's price action.

Breaking out of this pattern could propel the token toward $5.

On-chain metrics are also showing strength despite price weakness. Data from Glassnode reveals that new Dogecoin wallet addresses have more than doubled in just one month.

The number jumped from 16,400 on February 8 to 34,600 by March 10. This rapid growth in network adoption usually precedes positive price action in the cryptocurrency market.

Discussing the crucial support level to watch for Dogecoin, market analyst Ali Martinez suggests that the token could surge by 11,811% to reach $20 if it maintains support at $0.16.

Dogecoin has been trending within an ascending channel since 2015. Currently, the price is approaching the lower boundary of this channel, which has acted as strong support during previous downturns.

If this support holds firm, Martinez believes that DOGE could bounce toward the mid or upper boundaries of the ascending channel. These targets align with the 1.272 and 1.618 Fibonacci extension levels at $2.77 and $20, respectively.

Analyst Javon Marks has previously stated that a $20 price target for Dogecoin is realistic if the broader market narrative shifts in favor of memecoins.

Last updated: March 13, 2025, 07:07

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