Dogecoin’s Critical Support Level Holds Strong – $0.1616 Price Target in Sight, Says Analyst

Dogecoin bulls dig in as key support refuses to break—could this be the launchpad for a 30% surge?

Forget Wall Street's 'risk management'—when DOGE whales start buying, even gravity takes a coffee break.

Analysts eye $0.1616 as the next stop if this meme-fueled rocket maintains trajectory. Just don't ask about fundamentals.

Dogecoin Price PredictionDogecoin Price Prediction Further confirming bearish market pressure, the 200-period Simple Moving Average (SMA) on the chart is trending downward and stands at $0.1692. DOGE continues to trade well below this level, suggesting bears still control the broader trend. However, within the support zone, a recent reversal candlestick has formed, indicating a potential short-term bullish reaction. Based on Anael’s structure, a stop-loss level has been set at $0.14050. Meanwhile, the take-profit target is defined at $0.16169, aligning with a prior resistance zone visible from past price levels. A price move from the current level of $0.1538 to $0.16169 WOULD require a 5.13% gain. According to the analyst, the daily chart also aligns. Dogecoin Wallet Activity Shows Strong Growth Across Key Metrics While technical charts suggest a potential bounce, on-chain wallet metrics point to heightened user activity. In the past seven days, the number of new addresses (NA) has surged by 102.40%. 

Dogecoin Daily Active AddressesDogecoin Daily Active Addresses Similarly, active addresses (AA) rose by 111.32%, and zero balance addresses (ZBA) increased by 155.46%. This growth in participation reflects a broader engagement in DOGE transactions despite recent price weakness. These changes in address metrics may influence Dogecoin’s near-term momentum, especially as the token holds NEAR its support. Notably, increased activity often precedes directional moves, adding context to current chart behavior. Dogecoin Ownership Data Signals Shift Among Holders Meanwhile, the latest 30-day Historical Concentration data reveals a shift in DOGE ownership. Large holders, or whales holding over 1% of the supply, increased their positions by 0.34%. 

Dogecoin Historical ConcentrationDogecoin Historical Concentration Conversely, mid-tier investors with 0.1%–1% holdings reduced their stake by 2.59%, possibly suggesting redistribution or profit-taking. Retail ownership, representing addresses holding less than 0.1%, grew by 1.44%.