As the crypto market remains volatile, meme coins are gradually gaining momentum. Currently, with a segment market cap of $47.5 trillion, Dogecoin is trading at a value of $0.17.
Over the past 24 hours, it remains quite uncertain, while the 7-day trend reveals a bearish influence. With a downfall of 17.77% in the last 7 days, Dogecoin holds a market cap of $25 billion. Will the short-term uncertainty lead to a bullish outcome for Dogecoin?
3 Reasons Why Dogecoin is Bound For Bullish Rally
Ali Martinez, a crypto analyst, is extremely bullish on the biggest meme coin, presenting potential bullish reversal chances. As per the analyst, the DOGE price trend is hinting at a reversal rally in the weekly chart with the formation of a Doji candle.
#Dogecoin $DOGE is printing a potential bullish reversal doji on the weekly chart!
Join me in this trade by signing up to @coinexcom using my referral link https://t.co/73n8mWavUX. pic.twitter.com/W3zAkkwvlq
— Ali (@ali_charts) March 13, 2025
The Doji candles are generally uncertain candles that mark the end of a prevailing trend. As Dogecoin maintains a prevailing downfall, the Doji candle hints at a potential bullish reversal.
Furthermore, the analyst highlights a major rebound for Dogecoin as the stochastic RSI in the weekly chart turns lateral in the oversold region. Generally, the momentum indicators in the oversold region are likely to signal a trend reversal.
#Dogecoin $DOGE network is expanding! New addresses have doubled in the past month, climbing from 16,400 to 34,600. pic.twitter.com/rjWuBcy38n
— Ali (@ali_charts) March 12, 2025
Adding to the chances of an optimistic trend, the analyst also highlights the massive expansion in the Dogecoin network. Over the past month, the total number of new Dogecoin addresses has doubled. This marks an increase from 16,400 to 34,600 new addresses on the Dogecoin network.
Dogecoin Nears Falling Wedge Breakout Rally
In the daily chart, the DOGE price trend reveals a bullish reversal within a falling wedge pattern. Currently, the recovery run means and the mean coin nears the overhead resistance trend.
Supporting the chances of a breakout rally, the MACD and signal lines are on the verge of giving a positive crossover. Due to the prevailing downfall, the 50- and 200-day EMA lines have given a death cross.
Furthermore, the 100- and 200-day EMA lines are in a declining motion, facing a bearish crossover. Based on the Fibonacci levels, a bullish escape will propel Dogecoin to the 50% level at the $0.28045 mark. On the flip side, the crucial support remains at the $0.15 psychological mark followed by the $0.10 level.