Dogecoin (DOGE) Holders Set Sights on an Upswing

Dogecoin (DOGE) has gained momentum alongside other meme coins as holders set sights on an upswing. The crypto market has suffered headwinds

Dogecoin (CRYPTO: DOGE) has recently come into the crosshairs of crypto traders as the meme coin could be setting up for a major move. Dogecoin is known for its strong community and meme status, and it has also been a popular target for institutional investors.

Recently, crypto trader Ali Martinez took to X to highlight that Dogecoin remains at a key level of support and could be seen quickly rebounding. The trader explained that there has been a huge increase in market activity and volume, which is fueling optimism for many traders.

“Dogecoin is still hanging onto a key level of support as it experiences a massive rebound in market activity and volume. Active addresses have increased by 47% to 163,000 over the last 30 days, despite the recent price decline.”

With the recent price dip, Dogecoin is now trading at $0.1684 as bulls remain locked in on hitting $0.5 in the next cycle peak. A slew of traders have also pitched a higher price range for the asset. These holders believe that $1 is the bull level amid a crash in confidence.

Last week, the asset dipped 19% extending monthly outflows to 35.9%. This caused a ripple effect in other meme coins plunging into the red zone. The price swings in Dogecoin, the largest meme coin by market cap have a similar effect on other assets. Shiba Inu (CRYPTO: SHIB) fell 11% this week while Official Trump and BONK plummeted 22% and 19% respectively.

However recent optimism from Dogecoin holders looks to ignite other meme coins. Furthermore, Martinez explained that a major rebound could be on the cards as the stock relative strength index (RSI) comes close to a bullish crossover. Crypto enthusiast Knock wrote on the potential rebound of PEPE (CRYPTO: PEPE) and Solana (CRYPTO: SOL) meme coins.

“Pepe coin shows signs of potential rebound with a falling wedge pattern, bullish divergence, and possible rotation from Solana meme coins. Strong holder base with 17% of whales maintaining positions signals positive outlook.”

After weeks in the red zone, several crypto assets show initial recovery signs. Bitcoin (CRYPTO: BTC) whales kicked off accumulation coupled with massive centralized exchange outflows. Institutional investors have also shown renewed interest at some level, although fear remains. With slight gains in Bitcoin, altcoins have traded along similar lines.

Over the last trading day, BNB (CRYPTO: BNB) rose 2.8% to $574, while XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) gained 1.2% and 2.5%, respectively. Several analysts have pointed to a possible uptick leading to the cycle peak.