Recently, despite increased volatility in the broader cryptocurrency market, Dogecoin Price has drawn attention due to positive on-chain signals. Blockchain analyst Ali Martinez pointed out that the number of new Dogecoin addresses surged from 16,400 to 34,600 in the past month, a 110% increase, marking a yearly high. This data suggests that even though Dogecoin Price dropped by 16.62% over the past seven days, adoption of the meme coin continues to grow against the trend. Analysts believe that the sustained growth in new addresses could provide long-term liquidity support for Dogecoin Price, but a short-term breakout above the $0.18 resistance level is needed to confirm a trend reversal.
Notably, historical data shows that March has not been a “lucky month” for Dogecoin Price. According to Cryptorank, Dogecoin’s average March gain over the past 11 years is only 0.07%, with six years ending in losses, including a 53.3% drop in 2018. Although it recorded an 87.5% monthly increase in 2023, Dogecoin Price has already fallen by 17.2% this March. If the trend is not reversed in the remaining 18 days, Dogecoin Price may continue its “March curse.” However, the divergence between on-chain expansion and price performance leaves room for market speculation.
From a technical perspective, Dogecoin Price recently found support near 0.14andreboundedby3.220.1719. Analysts note that if bulls can push the price above the 0.702-0.786 Fibonacci retracement levels (corresponding to the 0.18−0.20 range), a new upward trend could emerge. However, the current 32% decline in trading volume to $1.74 billion highlights the need for more catalysts to boost market confidence. For holders, whether the surge in new addresses can truly translate into upward momentum for Dogecoin Price depends on whether the ecosystem can continue to attract incremental capital.
