DOGE Holders Eye Massive Breakout From This Support Level

Dogecoin (DOGE) has gained momentum alongside other meme coins as holders set sights on an upswing. The crypto market has suffered headwinds wiping off gains and forcing retail and institutional traders under sell pressures. This impacted meme coin prices, sparking major exits.

DOGE Holders Eyes Major Uptick

Crypto trader Ali Martinez wrote on X that Dogecoin remains at key support and could record a quick rebound. Increased market activity and volume have fueled this optimism for many traders. Despite the recent price dip, active addresses have risen by 47% to 163,000 in the last 30 days. 

DOGE price rose 2.21% to $0.1684 with bulls 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 point to the $1 mark as 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. Price swings in DOGE, the largest meme coin by market cap have a similar effect on other assets. Shiba Inu fell 11% this week while Official Trump and BONK plummeted 22% and 19% respectively.

However recent optimism from DOGE 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 and Solana 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.”

Wider Crypto Market Notch Gains

After weeks in the red zone, several crypto assets show initial recovery signs. Bitcoin 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 rose 2.8% to $574, while XRP and Solana gained 1.2% and 2.5%, respectively. Several analysts have pointed to a possible uptick leading to the cycle peak.