Meme coins, particularly those connected to Bitcoin, are gaining influence in the cryptocurrency market. Among these, Solana-based meme coins have been prominent during the recent bullish trend. Despite the emergence of SOL-based projects, Dogecoin (DOGE) continues to assert its dominance and strengthen its market position. So, what is the current situation with DOGE?

Dogecoin's Pricing Trends

After a significant 28% increase in the past week, Dogecoin's price faced a downward trend on March 29. At present, Dogecoin is priced at $0.2087, showing a 3% decline within 24 hours. Despite this pullback, DOGE has proven its capacity to react to potential bullish scenarios. The month of March started with Dogecoin at $0.1164.

From March 1 to 4, Dogecoin experienced daily increases, followed by a sharp correction on March 5. This price correction persisted until March 19, when a reversal occurred. Subsequently, the price surged from $0.12368 on March 27 to reach its highest point of $0.22847 for the month. Such price fluctuations indicate high volatility in Dogecoin, hinting at possible future increases.

Dogecoin's Future Outlook

Utilizing data from the crypto analysis platform IntoTheBlock (ITB), the cryptocurrency market and whale movements have identified a crucial resistance level for DOGE's price. Profitable addresses have increased by 88.98% to reach 5.52 million addresses, collectively holding 6.47 billion DOGE as a significant resistance point.

This resistance wall, located at 573,840 addresses, suggests a final hurdle before Dogecoin can approach its all-time high (ATH) price of $0.7376. Recent price movements of DOGE following support from influential figures like Elon Musk should not be underestimated, emphasizing how external events can quickly impact Dogecoin's value.