Key insights:
- Historical data suggests Dogecoin price could follow past breakout cycles.
- Dogecoin price saw mixed trends, with a 6.4% daily rise but weekly and monthly declines.
- Ascending Broadening Wedge pattern indicates DOGE volatility with breakout possibilities.
Dogecoin price has recorded a mixed price movement, posting significant gains in the past 24 hours despite recent market turbulence. The meme-based cryptocurrency has surged 6.4% within a day, elevating its value beyond $0.20.
However, weekly and monthly trends reflect declines of 2.9% and 20.2%, respectively, underlining market volatility. Over the past year, DOGE has advanced 8.5%.
Dogecoin Addresses Reach an All-Time High
Amid the recent price activity, the number of Dogecoin (DOGE) addresses has reached a record level. Data from analyst Ali Martinez indicates that DOGE’s total addresses have climbed to 83,483,452, signaling increased network engagement. The consistent rise in unique addresses points to growing adoption, speculative interest, or accumulation by investors.
Between late January and early February, DOGE addresses briefly declined, reflected in a short downward trend in network activity. However, after February 7, a steady increase in new addresses emerged, culminating in the current record. Typically, an uptick in unique addresses suggests heightened network participation, but it does not always correlate with an immediate price surge.
Notably, Dogecoin’s Daily Active Addresses (DAA) data provides further insights into market dynamics. Over the past week, active addresses increased by 111.32%, while zero balance addresses rose by 155.34%.
New addresses saw a 102.40% increase. This surge highlights rising network engagement, indicating that more wallets are interacting with Dogecoin. The growth may stem from renewed investor interest, speculative activities, or increased transactional usage.
Meanwhile, market participants are also monitoring an upcoming announcement on Friday by the U.S. President Donald Trump regarding crypto reserves, which could influence price movements.
Dogecoin Price Historical Cycle and Technical Indicators
Separately, technical analysis by Trader Tardigrade highlights DOGE’s historical price cycle, identifying a repeating breakout pattern. The analysis outlines key phases, suggesting that DOGE may follow past trends leading to a potential parabolic move.
The price chart identifies two distinct accumulation phases enclosed in purple boxes. Additionally, downward-sloping trendlines mark lower highs before breakout phases, followed by breakout points where price shifts from consolidation to a rally. The price movement is categorized into three color-coded phases: accumulation (green), early breakout (yellow), and explosive rally (red).
A review of Dogecoin’s historical trends between 2014 and 2018 shows a long-term downtrend from 2014 to 2016, followed by a breakout in 2017. The surge led to a parabolic price run between late 2017 and early 2018 before correcting. The current cycle, covering 2018 to 2025, exhibits a similar structure.
Between 2018 and 2021, DOGE remained range-bound before breaking out in 2021. The analysis places DOGE in a similar phase to early 2017, following a breakout past the downward-sloping trendline.
If the historical pattern repeats, DOGE could mirror its 2017-2018 rally, targeting higher price levels. Trader Tardigrade’s projection places DOGE near $1.90, requiring a 900% increase from its current $0.19 valuation.
Future Dogecoin Price Potential
Trader Tardigrade later analyzed Dogecoin’s long term price structure on a 1-month timeframe. The pattern is an Ascending Broadening Wedge, characterized by higher highs and higher lows (expanding price structure). Historically, the pattern has a tendency to expand, and parabolic price movements following breakouts.
On the chart, three Ascending Broadening Wedge patterns are differentiated by purple trendlines. Starting from 2014 to 2017, they had moderate price increases, until they saw a monster breakout in 2017. The second wedge that was between 2018 and 2021 came prior to the big rally in 2021 with DOGE sent to around $0.80. Following this trend, the third cycle, 2022 to 2025, appears to be another with this early indicator.
Using this historical framework as the basis, the analyst predicts that prices may reach $3.70. If DOGE is to ever achieve this target, then Dogecoin price will need to rise from its current value of $0.19 by 1,847.37%.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
