Dogecoin (DOGE) has seen a significant uptick in on-chain activity, marked by rising transaction volumes and volatility. While a critical support level at $0.35 remains key, a breakout above $0.48 could pave the way for a rally toward $0.50. Here’s a closer look at the trends and what to expect for DOGE moving forward.
Rising Transaction Volumes Indicate Growing Interest
In recent days, Dogecoin’s on-chain metrics have shown strong momentum. The average transaction size spiked notably, reaching $33,411 on November 12, 2024. The seven-day average remains steady around $11,960, suggesting that large-scale transactions are becoming dominant on the network. This trend points to increasing interest from institutional investors and whales.
Volatility on the Rise
Parallel to rising transaction activity, Dogecoin’s volatility has also surged, hitting a 30-day average of 147%. Historically, such elevated volatility levels have often signaled sharp price movements. Analysts suggest that investors should prepare for potential price swings as DOGE navigates key technical levels.
Key Support and Resistance Levels to Watch
From a technical perspective, DOGE has shown solid performance throughout November, currently trading near $0.40. However, the price faces stiff resistance at $0.48, which has led to a period of consolidation within a narrowing channel.
- On the downside, the 50-day EMA at $0.35 serves as a critical support level. A break below this point could push the price down to the 200-day EMA at $0.21.
- Conversely, if Dogecoin breaks above its descending trendline, upward momentum could strengthen. The $0.42-$0.45 range will be a key zone to monitor for potential price direction.
- A decisive break above the $0.48 resistance could trigger a rally toward the psychologically significant $0.50 level.
What’s Next for Dogecoin?
The combination of increasing volatility and large transaction sizes suggests that the Dogecoin market is heating up. Strong volume inflows at current levels could signal the beginning of a new upward wave. However, whether DOGE can revisit its previous highs will largely depend on the broader crypto market performance.
Investors are advised to watch these levels closely and monitor the growing institutional interest in Dogecoin. Stay tuned to Turkish NY Radio for the latest updates and in-depth analysis on DOGE and the cryptocurrency market.
