Dogecoin (DOGE) is slowly recovering. After reclaiming the $0.19 mark, traders are keeping a close watch. The price is surpassing resistance levels, and if the upward momentum is maintained, the next destination could be $0.35 - equivalent to an 82% increase from the current price.
However, it is not just technical charts driving this rally. On-chain data and user metrics show that more and more people are holding and using Dogecoin.
On-chain activity: The usage of DOGE is increasing again
One of the main reasons for the recent price volatility of Dogecoin is the increased network activity. The number of daily active addresses – a metric tracking the number of wallets sending or receiving Dogecoin – has shown recovery since the end of June.
When Dogecoin is actually used on-chain rather than just being held or traded, it reflects the genuine interest level of users.
Santiment's chart shows that strong spikes in wallet activity often occur before major price volatility. In the past 10 days, the orange bars – representing the number of active wallets – have begun to rise again, although the increase is still quite modest. While not as robust as the peak in October 2024, this pattern looks quite similar.
If the trend continues, the price of DOGE could follow a similar rally as seen at the end of 2024.
Number of holders: Wallets holding DOGE are increasing significantly
Dogecoin is not only being used more but is also being held longer-term. According to data from Santiment, the total number of holders has now reached 7.96 million – the highest since January 2025.
As more wallets hold DOGE and do not sell, the supply on exchanges will decrease. A reduced supply while demand increases usually leads to price increases. This can be seen as a simplified version of the DOGE flow being withdrawn from exchanges.
A steady increase in the number of holders even as prices drop indicates strong confidence from the community.
Explosive predictions on X
Within the Dogecoin-loving community, a prediction is attracting a lot of attention. Analyst Maher recently shared a chart on the X platform, predicting DOGE could rise to $0.77 or even $1.16 by September 2025.
His confidence is based on the repeating price pattern observed from March to December 2024 – a period ending with a strong breakout.
A similar 196-day structure seems to be repeating, this time starting from the beginning of July 2025.
According to Maher's chart, DOGE is currently at the final stage of a compression pattern and may be preparing for a decisive upward move.
He points out three important horizontal resistance levels, starting from $0.25, then $0.77, and finally $1.16. These levels are not random, but coincide with previous peaks in past bullish cycles. If the pattern continues to hold, traders expect the breakout to further amplify the upward momentum.
However, it should be noted that not all analysts agree with this level of optimism.
DOGE price analysis: Fibonacci indicates a target of $0.351
Through the analysis of the current DOGE price chart, based on the Fibonacci extension tool, we can see some important resistance levels:
First barrier: $0.207
Next resistance zone: $0.222 and $0.244
Maximum upward target: $0.351 (corresponding to the 1.618 Fibonacci extension level)
Currently, the price of DOGE is hovering around $0.19, sitting at the Fibonacci level of 0.382. If it surpasses the $0.207 mark, this memecoin could break the downward trend line (marked by the dotted diagonal line) and move towards the $0.258 area or higher.
However, if the price slips below $0.183 or $0.175, the bullish pattern could be invalidated, leading to a deeper decline.