Dogecoin (DOGE) Price: Could This Meme Coin Really Surge to $20?

TLDR

• Dogecoin price is testing the 100-week Simple Moving Average (SMA), historically a critical level for trend reversals
• New Dogecoin wallet addresses have doubled from 16,400 to 34,600 in the past month despite price declines
• Analyst Ali Martinez predicts a potential 11,811% surge to $20 if key support at $0.16 holds
• Technical analysis shows Dogecoin has been trending in an ascending channel since 2015
• The cryptocurrency is up 1.3% over the past year despite recent volatility and monthly losses of 33.8%

Dogecoin has been on a roller coaster ride in recent weeks. The popular meme cryptocurrency has shown mixed performance with a slight uptick of 1% in the last 24 hours but remains down 17.2% for the week and 33.8% over the past month.

Despite this recent volatility, DOGE has managed to maintain a 1.3% increase over the past year. This resilience has caught the attention of several analysts who are now studying technical indicators to predict future price movements.

Dogecoin
DOGE Price

The 100-week Simple Moving Average (SMA) has emerged as a critical level for Dogecoin. According to Trader Tardigrade, a well-known analyst on X, DOGE has historically entered strong bullish phases after breaking above this long-term resistance level.

Looking at past market cycles, a clear pattern emerges. During the 2017-2018 bull run, Dogecoin remained below the 100-week SMA before breaking out and triggering a rally.

A similar pattern occurred during the 2020-2021 bull market. Dogecoin surged after crossing above the 100-week SMA and later used this level as support during retracements.

Currently, DOGE is once again testing this key level. If history repeats itself, a successful breakout could push Dogecoin toward $2.80, according to Trader Tardigrade’s analysis.

The Relative Strength Index (RSI) is providing additional bullish signals. Charts show that DOGE has entered the oversold zone, a condition that has marked price bottoms before past uptrends.

This technical setup follows a pattern where DOGE forms a low before creating a lower low while the RSI remains oversold. Historically, this pattern has preceded bullish reversals in the Dogecoin price.

Another analyst, CryptoElites, points to a symmetrical triangle breakout pattern in Dogecoin’s price action. Based on this formation, DOGE could potentially reach $5 if market momentum remains strong and macroeconomic conditions stay favorable.

On-chain data reveals growing adoption despite recent price declines. Glassnode data shows that new DOGE wallet addresses have more than doubled in just one month, rising from 16,400 on February 8 to 34,600 by March 10.

This surge in network activity suggests increasing interest in Dogecoin even as prices have dropped. Historically, rising adoption has preceded bullish price action for the meme cryptocurrency.

Ali Martinez, another market analyst, has made an even more bullish prediction. He suggests that Dogecoin could surge by 11,811% to reach $20 if it maintains support at the crucial $0.16 level.

Martinez notes that Dogecoin has been trending within an ascending channel since 2015. The current price is near the lower boundary of this channel, which has served as support during past downturns.

If this support holds, Martinez believes DOGE could bounce to the mid or upper boundary of the ascending channel. These targets correspond to the 1.272 and 1.618 Fibonacci extension levels at $2.77 and $20, respectively.

The $20 prediction aligns with an earlier call from analyst Javon Marks, who insisted this target is realistic for the meme coin given the right market conditions.

As of March 13, 2025, Dogecoin is trading at around $0.17, up 2% since the start of the day. The cryptocurrency continues to hold above the critical $0.16 support level identified by analysts.

The doubling of new wallet addresses over the past month supports the case for growing adoption. This metric moved from 16,400 to 34,600 new wallets amid renewed interest in the Dogecoin ecosystem.

Technical indicators, network growth, and historical patterns all suggest Dogecoin may be positioning for a potential rally. However, the cryptocurrency must first overcome immediate resistance levels to confirm this bullish outlook.