- Whale accumulation and rising address activity suggested Dogecoin could soon break key resistance levels
- Mixed technical signals and low transaction counts highlighted caution
In a significant development that has caught the attention of the crypto market, Dogecoin [DOGE] whales have acquired over 90 million DOGE within the last 48 hours. This strategic accumulation is a sign of growing confidence among large investors, potentially positioning Dogecoin for a major price breakout.
At press time, Dogecoin was trading at $0.3155, following a slight 0.19% dip over the last 24 hours. However, the real question remains whether this momentum can ignite the next bullish phase or lead to further consolidation.
DOGE’s price action – A breakout or another consolidation?
At press time, Dogecoin’s price action indicated a tightly coiled setup as it traded within a bullish pennant pattern. The critical resistance level stood at $0.366, which could serve as a launching pad for a rally towards $0.50 if breached.
However, a failure to break above this resistance might prolong the consolidation phase, frustrating bullish traders.
Source: TradingView
Analyzing Dogecoin’s address activity
Examining Dogecoin’s address statistics revealed an encouraging trend in network activity. The past week has seen a 102.4% spike in new addresses, while active addresses have climbed by 111.32%.
These numbers pointed to a surge in user engagement – A metric often tied to price growth. Moreover, zero-balance addresses have risen by 155.44%, indicating an influx of new participants testing the ecosystem.
