Dogecoin (DOGE) Could See New Leg Up as Onchain and Technical Metrics Show Promise

Dogecoin Shows Positive Signs for Potential Upswing

Crypto analyst Ali points out that Dogecoin's on-chain metrics have been increasingly bullish.

• Daily Active Addresses: The number of unique addresses engaging with Dogecoin has remained stable, indicating sustained user activity.
• Transaction Activity: Transactions on the Dogecoin blockchain have held steady at significant levels, suggesting continued adoption and utility.
• Whale Movements: Large wallet holders, known as whales, have been showing noteworthy activity patterns. This activity has reached crucial thresholds that historically have preceded significant price action.

Ali emphasizes that while these metrics are encouraging, a substantial increase could trigger Dogecoin's next major price movement. The combination of steady network activity, transaction volumes, and whale movements creates a foundation for potential upward momentum.

Promising Price Action

Dogecoin has shown signs of reversal after a period of decline. Following a dip to around $0.20, DOGE has rebounded to around $0.26 and is consolidating between $0.239 and $0.269.

With the current sideways movement, positive on-chain metrics could easily push the price upward to begin a recovery. The resistance at $0.30 will need to be overcome for further price increases.