Key Notes
- Dogecoin price has been forming a potential bullish continuation pattern, amid low demand from the hale investors.
- The Dogecoin network heavily benefits from the unwavering support of tech billionaire Elon Musk.
As the wider crypto market recorded one of the worst forced liquidations in the recent past, Dogecoin DOGE $0.21 24h volatility: 9.2% Market cap: $30.49 B Vol. 24h: $3.95 B , the oldest and leading meme coin by market cap, dropped over 10% in the last 24 hours to trade about $0.206 on Tuesday, February 25, during the early New York session. The large-cap altcoin, with a fully diluted valuation of about $29.5 billion and a 24-hour average trading volume of around $3.4 billion, confirmed a falling trend after closing Monday’s candlestick below a crucial support level of around $0.238.
Following the heightened DOGE price volatility in the past 24 hours, more than $32 million, mostly involving long traders, was liquidated. The palpable fear of further crypto capitulation pushed Dogecoin price below a crucial support level of around 20 cents earlier on Tuesday to reach a range low of about $0.1969.
Dogecoin Network Experiences Low On-chain Activities
As Coinspeaker recently pointed out , the Dogecoin network has experienced a significant decline in on-chain activities in the past few weeks. In the past three weeks, the number of transactions in Dogecoin’s blockchain per day has dropped from over 133k to around 51k at the time of this writing.
Additionally, the Open Interest (OI) for DOGE dropped from over $5 billion earlier this month to around $1.8 billion on Tuesday.
Midterm Targets for DOGE Price
Since the second inauguration of US President Donald Trump earlier this year, Dogecoin price has been trapped in a correction phase. The top-tier meme coin has dropped over 50% in the last four weeks to hover in oversold levels at the time of this writing.
According to crypto analyst Ali Martinez, Dogecoin price must consistently rebound from the support range network $0.19 and $0.21 to invalidate a potential selloff towards $0.06. From a technical analysis standpoint, DOGE price has been forming a potential falling wedge pattern, which will likely yield a major bullish rebound in the coming weeks toward its all-time high.
Furthermore, Dogecoin price has not experienced a parabolic phase of the 2025 crypto bull cycle amid the significant adoption by institutional investors.
If #Dogecoin $DOGE drops below $0.19, the probability of a deeper correction toward $0.060 significantly increases! pic.twitter.com/6OLjt66X0B
— Ali (@ali_charts) February 25, 2025
Fundamental Outlook
As the second largest blockchain secured via a proof-of-work (PoW) consensus mechanism, the Dogecoin network has attracted more institutional investors in the past years. According to on-chain data analysis from Tokenview , the DOGE meme coin has more than 6.1 million on-chain holders and a total of about 2.66 PH/s.
Backed by tech billionaire Elon Musk, DOGE has been adopted by dozens of businesses around the world as a form of payment.
As Musk’s X social platform prepares to launch its payment feature later this year, the Dogecoin community has been speculating on its imminent integration. Moreover, Musk named the US government efficiency programs after Dogecoin to show his unwavering support for the dog-themed meme coin.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
