Dogecoin (DOGE) May Be on the Verge of a Massive Rebound

TradingView Idea crypto analyst “Whalesdesk” asserted that Dogecoin looked bullish.

Dogecoin (DOGE) may be on the verge of a massive rebound, according to a notable market watcher.

On Wednesday, March 19, TradingView Idea crypto analyst “Whalesdesk” asserted thatDogecoin looked bullish. He cited a strong support zone between $0.16 and $0.17 and a pennant formation on the weekly candlestick chart aligning with this support.

Whalesdesk noted that if DOGE held the support and broke out of the pennant to the upside, it could kick off a rally to $0.30, $0.45, and eventually $0.60.

These targets represent an upside potential of 75%, 160%, and 250%, respectively, for the meme coin currently trading at $0.1715.

"If the buyers can manage to keep holding this support, then we might see a breakout to the upside out of this pennant formation kicking off a rally to the Fibonacci levels at $0.30, $0.45, and $0.60," Whalesdesk stated.

Meanwhile, Whalesdesk was not the only technical analyst to call a Dogecoin rally on Wednesday. Similarly, well-followed market analyst "MMBTrader" suggested that the meme coin could kick off a rebound soon.

Unlike Whalesdesk, however, MMBTrader believes DOGE could go lower first, citing daily support levels around $0.13834 and $0.09081. They also warned that the meme coin would likely face resistance at key psychological levels like $0.30 and $0.40.

"We’re seeing a lower high and lower low on the daily chart, but it does look like we’re holding the lows," MMBTrader said.

"If we break this trendline on the way down, then I’m thinking we go lower to the Fibonacci level at $0.09081. But if we hold this trendline and start heading back up, I’m expecting some resistance around the psychological level at $0.30."

Dogecoin Whale and Network Activity Rising

The recent Dogecoin analyses come as the network is seeing an uptick in several on-chain signals.

For one,Dogecoin whaleshave been on a buying spree in recent weeks. Purchases include 110 million DOGE worth about $18.5 million, 1.4 billion DOGE worth approximately $224 million, and $1.7 billion worth roughly $300 million.

At the same time, Dogecoin has seen an overall uptick in network activity. Specifically, active addresses on the network have jumped 76% from about 160,000 last week to over 280,000 this week.

The rise in whale buying and network activity signals growing accumulation and a surge in interest in the network, all of which can be bullish for price.