Dogecoin (DOGE) Hints at Another Massive Rally as Address Activity and Whale Transactions Spike

Dogecoin has followed a comparable trajectory in 2024, increasing by 440% from $0.065 to $0.39547 before retracing 46%.

Dogecoin [DOGE] price movements have exhibited a distinct pattern over the years, characterized by sharp increases followed by corrections. This trend was evident in 2017 when DOGE surged 212%, retraced 40%, and then gained 5,000%. In 2021, a similar trajectory unfolded with a 476% increase, a 56% correction, and a later surge of 12,000%.

2024 has seen Dogecoin follow a comparable path, rising 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.

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, according to IntoTheBlock, نشان دهنده افزایش شبکه است. تا ۱۱ نوامبر، آدرس‌های فعال به ۱۳۶,۸۵۰ رسیدند که ۵۸,۹۹۰ آدرس جدید ایجاد شد.

Over the past week, new addresses rose by 102.40%, active addresses by 111.32%, and zero-balance addresses increased by 155.33%.

This growth in address activity coincided with Dogecoin’s recent price move to $0.40. The increased participation suggests a resurgence in interest, possibly from both retail and institutional investors.

Large transactions involving Dogecoin have also seen an uptick. Over the past week, whale transactions reached a peak of 9,410, aligning with the recent price surge.

This marks a sharp increase from the weekly low of 2,450 transactions observed on 8th November.

Market data from Coinglass نشان دهنده کاهش حجم معاملات به میزان ۲۴.۸۳ درصد به ۷.۴۲ میلیارد دلار است، در حالی که علاقه باز در قراردادهای آتی ۴.۷۱ درصد کاهش یافته و به ۱.۹۵ میلیارد دلار رسیده است.

Options trading volumes dropped 58.52% to $427.08 million, with open interest in options contracts at $1.18 million.

With historical trends, increasing address activity, and large transactions aligning, the data suggests that Dogecoin may be positioning itself for another significant price movement.