Will Dogecoin Price Hit $0.2? Healthy Retracement Bolster Buyers for Next Leap

Dogecoin Price: The cryptocurrency market witnessed a surge in volatility this week as the leading cryptocurrency made a quick reversal to a new all-time high of $69000. The overhead supply sparked a new correction among altcoins including the popular memecoin DOGE. 

The Dogecoin price turned down from the $0.26 level and plunged 25% within three days to currently trade at $0.15. However, this pullback within the safety net of the Fibonacci retracement level indicates the asset is poised for higher growth.

Also Read: Dogecoin Price Forecast: How New Q1 Dog-Themed Token Hype Could Ignite DOGE Rally To $1

From Memecoin to Millionaire Maker – What’s Next for DOGE?

In the last two weeks, the Meme cryptocurrencies have witnessed a heavy inflow emerging as one of the highest-performing sectors amid the recovery market. From the swing low of $0.084, the Dogecoin price surged to a two-year high of $0.26 to record 145% growth. Similarly, the fellow memecoin, Shiba inu surged 382%, the Pepe coin jumped 656%, and the Bonk price 313% in the same period.

Currently trading at $0.155, the DOGE price seeking support at an emerging support trendline and 50% FIB level. The retracement to this degree is considered healthy for an asset to restore bullish momentum for the next leap.

In a recent development, data from the crypto analytics firm IntoTheBlock reveals a 76% increase in the number of addresses holding over $1 million in Dogecoin in the last 30 days. 

This upsurge indicates a significant rise in the wealth of Dogecoin investors, with more than 1000 addresses now classified as ‘Dogecoin millionaires.’ This trend highlights increased investor confidence and a higher potential for HODL sentiment.

The number of Dogecoin millionaires is skyrocketing!
The number of addresses holding more than $1m worth of $DOGE has increased by 76% in the last 30 days. There are now over 1000 Dogecoin millionaires. pic.twitter.com/3qzb0OGeUM

— IntoTheBlock (@intotheblock) March 6, 2024

Also Read: Shiba Inu Coin, Dogecoin Steer Dog-Themed Coins Rallies: A Good Time To Buy Or Sell?

Key Support to Watch

If the Dogecoin price manages to sustain above the combined support of ascending trendline and 50% retracement level at $.145, the buyers can witness renewed buying pressure in the market. A potential reversal may propel the DOGE price to $0.215, followed by $0.27.

However, a breakdown below the aforementioned support may reflect a weakness in buyers’ momentum.

Technical Indicator 

• Exponential Moving Average: In the 4-hour time frame chart, the 50 EMAs act as strategic pullback support for buyers.
• Moving Average Convergence Divergence: A bearish crossover state between the MACD(Blue) and signal(orange) line reflects the DOGE price entered correction in a short-term trend.