Dogecoin Price Eyes $0.46 Target as Network Activity Soars

Highlights:

• Dogecoin price has surged 0.70% in the past 24 hours to trade at $0.1750. 
• Dogecoin’s network activity surged by 400%, indicating increased market interest.
• MACD and RSI indicators suggest Dogecoin may experience a bullish trend reversal.

The crypto market is showing a positive outlook as we kick off the weekend, with the overall market cap surging to $2.76 billion. However, the 24-hour trading volume has declined by 15% to 72 billion, indicating a decrease in market activity.

Bitcoin is trading above the $84K market, while major altcoins such as Solana and XRP recorded significant gains. The memecoin sector reflected a positive sentiment, too, as its market cap surged to $49.45 billion.

The largest memecoin, Dogecoin, is trading on a bullish note with a surge of 0.70% in the past 24 hours. DOGE has declined to 10% and 30% on the weekly and monthly charts, respectively. In addition, its market cap stands at $26.18 billion, while the 24-hour trading volume has declined to $860 billion. 

Dogecoin Price Shows Potential for Breakout

Dogecoin has further room for an upside move if the price manages to consolidate above $0.14750. Losing this support could lead to further consolidation before a large move occurs. Dogecoins is currently on a falling wedge pattern which suggests that the price may rebound upwards.

Should the price hold on at the support level, analysts believe that the price will move toward resistance zones. The analyst has set a primary target of $0.46386, then $0.55348 and $0.65421.

$DOGE Technical Analysis 🧐

Holding above $0.14750 is KEY for the bullish scenario.

Failure to maintain this level could lead to further consolidation BEFORE a major breakout.

⚡ Conclusion: #Dogecoin is showing signs of a potential breakout from a falling wedge pattern. If… pic.twitter.com/fdujJDBIoc

— Marzell (@MarzellCrypto) March 14, 2025

Based on its trendline, Dogecoin’s short-term movements will depend on the support at the current level. A solid bounce from this zone might open a path to achieve higher targets in future trading sessions.

Dogecoin Price Surges with Increased Network Activity

Dogecoin’s network activity has ramped up considerably. Data from the analytics platform, Santiment shows that the figure of active addresses spiked by around 400% to approximately 395,000. The number of active users also rises, which points to an increased activity level, thus signifying interest in the cryptocurrency.

#Dogecoin $DOGE on fire! On-chain data from @santimentfeed shows that active addresses skyrocketed 400% to nearly 395,000. pic.twitter.com/5WuDKjx64K

— Ali (@ali_charts) March 15, 2025

In addition, the increase in active addresses is directly linked with the recent recovery in the price of the Dogecoin. This means that the market players are trading or holding the asset, which can be seen as an indication of high support for Dogecoin.

Technical Analysis: Dogecoin Shows Signs of Potential Recovery

Technical indicators point out that the DOGE market is getting ready for a bounce back. According to technical analysis on the daily chart, the Moving Average Convergence Divergence (MACD) indicator suggests a bullish trend reversal. The MACD has seen a flattening at the end of February and the beginning of March and is at the stage of crossing the signal line. This may lead to a pumping of the meme coin’s price.

If the current trend persists, DOGE price can easily head back to the $0.20 range in which the token has stagnated since March. Despite slipping below this support, recent price movements indicate that a recovery may be underway. In addition, the Relative Strength Index (RSI) has recovered from the oversold region, indicating an increase in buying pressure. With further room for growth, the current trend could increase the price as selling pressure eases.