🌎 Dogecoin Surges 10% Amid Market Volatility

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Dogecoin (DOGE) experienced a significant rally this week, climbing nearly 10% despite ongoing macroeconomic developments, including the U.S. tariff war. Unlike many altcoins that faced downward pressure, Dogecoin managed to break past $0.2058 for the first time in nearly two weeks, showcasing resilience in a volatile market.

Dogecoin Rallies in Double-Digits: Key Price Levels to Watch

On March 26, Dogecoin hit a two-week high of $0.20585. This reflects a nearly 10% gain over the past seven days, even as most altcoins struggled to recover. Analysts suggest that DOGE could extend its rally by another 11%, potentially testing the resistance range between $0.21465 and $0.24040. The upper boundary of this range, at $0.24040, represents a 24% increase from current price levels.

Momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) support a bullish outlook for Dogecoin. The RSI currently sits at 52, indicating positive momentum above the neutral level. Meanwhile, the MACD is showing green histogram bars above the neutral line, further reinforcing the upward trend in DOGE’s price trajectory.

Dogecoin On-Chain Analysis

An in-depth on-chain analysis reveals a growing number of Dogecoin holders, signaling increased interest in the meme coin. If this trend continues or remains stable, Dogecoin could sustain its relevance among traders in the coming weeks.

The network’s realized profit/loss metric shows that DOGE holders have been taking profits on a smaller scale. This limits potential selling pressure, which could otherwise negatively impact the price. Additionally, the number of active DOGE addresses has remained steady since mid-March, further underscoring the token’s resilience.

Dogecoin Derivatives Analysis and Price Forecast

Dogecoin’s derivatives data indicates a recovery in open interest (OI) since its March 12 low. Currently, the open interest sits at $1.98 billion, with DOGE trading around $0.19. This steady climb in OI suggests renewed interest among derivatives traders.

Liquidation data shows $4.29 million in long positions were liquidated on March 27. Traders should closely monitor liquidation trends and price movements before increasing their exposure to DOGE derivatives. Notably, the long/short ratio on major exchanges like Binance and OKX remains above 1, indicating that traders are predominantly bullish on Dogecoin’s price direction.

Based on a combination of technical analysis and derivatives data, Dogecoin could test the $0.21465 resistance level next week, provided spot prices align with derivatives market trends.

Key Wallet Activity and Accumulation Trends

Wallets holding between 1 million and 10 million DOGE tokens have been actively accumulating between March 10 and March 27. Meanwhile, larger wallets holding between 10 million and 1 billion DOGE tokens have maintained a steady balance during this period. This accumulation trend among mid-tier wallets suggests growing demand for Dogecoin and supports a bullish outlook.

Potential Catalysts for Dogecoin Price Growth

One of the key developments for Dogecoin is Bitwise’s ongoing effort to secure approval for a DOGE-focused ETF. If approved, this could legitimize Dogecoin as an investment category for institutional investors, potentially driving further demand.

Additionally, positive developments in cryptocurrency regulations, including the passage of the stablecoin bill in Congress, could act as significant catalysts for DOGE. Furthermore, continued demand from whales and large wallet investors could provide additional support for the meme coin’s price stability and growth.

Despite occasional setbacks caused by broader market corrections, such as Bitcoin flash crashes, Dogecoin has consistently demonstrated the ability to recover. This resilience, combined with steady accumulation and increasing investor interest, could mark the end of DOGE’s prolonged downward trend.