- Dogecoin address activity surges 111%, signaling strong interest ahead of a potential massive rally.
- Historical patterns suggest Dogecoin could see a 12,000% rally as whales ramp up transactions.
Dogecoin [DOGE] has shown a recurring trend of sharp price increases followed by corrections. In 2017, DOGE climbed 212%, retraced 40%, and then gained 5,000%. Similarly, in 2021, it rose 476%, corrected by 56%, and later surged 12,000%.
In 2024, Dogecoin has followed a comparable trajectory, increasing by 440% from $0.065 to $0.39547 before retracing 46%.
According to crypto analyst Ali, this pattern suggests the potential for another significant rally if the trend continues as it has in previous cycles.
Source: X
Current price action and critical levels
Dogecoin was trading at $0.3167 at press time, reflecting a 1.43% decline over the last 24 hours and a 21.23% drop in the past week. The cryptocurrency has a market capitalization of $46.66 billion and a 24-hour trading volume of $4.37 billion.
Price data shows DOGE holding within its long-term logarithmic price channel. Support levels have been identified at $0.065 and $0.19-$0.20, while resistance is seen at $0.39547 and $0.73665, the record high set in 2021.
Analysts have projected a potential upper boundary of $17.94 if Dogecoin maintains its historical upward trend within this channel.
On-chain activity shows increased interest
Data from IntoTheBlock indicates a rise in network activity. As of 11th November, active addresses totaled 136,850, with 58,990 new addresses created.
Over the past week, new addresses rose by 102.40%, active addresses by 111.
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Author: Olivia Stephanie
