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The recent activity on Dogecoin (DOGE) reflects the increasing interest of large investors (whales) and points to a potential explosion, but emphasizes that caution is still needed in the market.
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Recent data shows an increase in address activity; This shows that user participation is increasing and indicates a possible upward trend for DOGE.
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As COINOTAG says, “The increase in accumulation by large investors and the expansion of address metrics marks a critical turning point for Dogecoin.”
This article analyzes the recent activity of a large Dogecoin investor and looks at the trends, assessing factors that point to a possible price explosion amid market caution.
DOGE price action – breakthrough or another consolidation?
At the time of writing, Dogecoin’s price action was showing a solid structure within a bullish flag (bull flag) formation. Critical resistance level $0.366 is determined as, if this level is exceeded $0.50 This can pave the way to level up.
However, if this resistance cannot be overcome, the consolidation phase may be extended and disappoint traders who are optimistic.
Source: TradingView
Analysis of Dogecoin address activity
When we examined the Dogecoin address statistics, an encouraging trend of network activity emerged. Last week at new addresses %102.4 While an increase in the number of active addresses was observed %111.32 increased by .
These numbers represent user growth – a metric often associated with price increases. More importantly, the number of zero state addresses %155.44 rate, which indicates the entry of new participants who are testing the ecosystem.
Source: IntoTheBlock
Dogecoin’s transaction count signals caution
Despite growing strong interest from investors, the number of Dogecoin transactions has dropped significantly and at the time of writing was only 7,843 The transaction has been recorded. This decline reveals weak activity on the chain, which means it could act as a barrier to bullish momentum.
However, such quiet periods have historically preceded sharp price movements, so it’s worth watching carefully.
Source: Sentiment
Technical indicators of DOGA
Dogecoin’s technical indicators have revealed that it is the cornerstone of the market. Relative Strength Index (RSI), 40.76 The vessel is around; This indicates that the market is approaching oversold conditions, but has not yet reached it.
Meanwhile, the Directional Movement Index (DMI) indicated downward pressure; -DI, 31.91 ile +DI’yi 15.28 he overshadowed him. Therefore, the technical outlook is not clearly bearish, but it highlights the importance of a strong catalyst that will change the current trend.
Source: TradingView
Liquidation Data – Signs of a Change in Momentum?
Liquidation figures, short positions 257,420 dollars While the liquidation is in progress, long positions 133,630 dollars It offers a more detailed perspective pointing to liquidation. This imbalance indicates that short selling is starting to lose control, which could pave the way for a reversal.
However, sustained buying interest will be required for this shift to fully occur.
Source: Coinglass
Read Dogecoin (DOGE) Price Prediction 2024-2025
The recent large accumulation of Dogecoin investors and increased address activity offer signs of a potential breakout. However, with low trading numbers and mixed technical signals, the current market situation remains uncertain. If DOGE $0.366 If it manages to break the level, the next bullish phase can begin. For now, cautious optimism prevails.
