Dogecoin Holds $0.145 Support as Wallet Activity Surges: Analyst Predicts 5% Rebound Toward $0.1616

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Dogecoin is currently testing a pivotal support zone that could lead to a short-term bullish reversal, according to crypto analyst Landry Anael. The popular meme coin has been on a consistent downtrend over the past week, shedding over 13.28% of its value. As of June 23, DOGE trades at approximately $0.153, recovering slightly from a recent low of $0.146.

DOGE’s Weekly Drop Shows Signs of Stabilisation

Despite losing ground in both the weekly and daily timeframes, including a 1.56% decline in the past 24 hours, DOGE’s recent price action hints at a possible turnaround. The 1-hour chart shows Dogecoin consolidating within a strong support range between $0.14500 and $0.14872. This zone has repeatedly absorbed selling pressure, notably on June 20 and 21, where bearish attempts were thwarted near $0.15829 and $0.15009.

Chart Indicators Support the Bullish Case

Technically, the 200-period Simple Moving Average (SMA) still trends downward at $0.1692, reinforcing the longer-term bearish sentiment. However, a bullish reversal candlestick has appeared within the current support range. This pattern often signals an upcoming shift in short-term momentum.

Landry Anael’s setup places a stop-loss at $0.14050 and identifies $0.16169 as the take-profit target. Achieving this target from the current price of $0.1538 would mark a 5.13% gain. Anael also confirmed that the broader daily chart aligns with this bullish scenario.

Dogecoin Wallet Activity Spikes Across Key Metrics

Beyond price charts, Dogecoin’s on-chain data reveals heightened network activity. Over the past seven days, the number of new addresses (NA) has increased by 102.40%, indicating a surge in user adoption. Active addresses (AA) have also jumped by 111.32%, while zero balance addresses (ZBA), often linked to fresh wallet creation, climbed 155.46%.

This upswing in wallet metrics signals growing community engagement and transactional behaviour, which often precedes directional price movements. Combined with technical indicators, this spike could be a precursor to a potential short-term rally.

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Ownership Concentration Suggests Strategic Redistribution

Further supporting this theory is a recent shift in ownership concentration. Large holders, wallets owning more than 1% of DOGE’s total supply, have increased their positions by 0.34% over the past month. At the same time, mid-tier investors, controlling between 0.1% and 1%, have trimmed their exposure by 2.59%, possibly realising profits or redistributing their assets.

Interestingly, retail holders, those owning less than 0.1%, expanded their holdings by 1.44%, indicating broader market participation at the grassroots level.

Conclusion: Dogecoin Bulls May Regain Control

As Dogecoin holds above a crucial support range, both technical indicators and on-chain fundamentals hint at a potential short-term rebound. While the longer-term trend remains under pressure, a successful defence of the $0.145–$0.14872 zone could propel DOGE toward $0.1616.

Investors should watch for a sustained move above $0.153 and any change in wallet activity as potential catalysts. With bullish sentiment quietly building, the coming days could define DOGE’s near-term trajectory.