Dogecoin Network Activity Plunges to Multi-Month Low, Whale Transactions Crater

Dogecoin's network activity has hit its lowest level since October 2024, with only 66 whale transactions daily. This decline mirrors a broader downward trend, with active addresses shrinking below 60,000, a level not witnessed since October 2024.

Falling Wedge Pattern: A Glimmer of Hope Amidst the Downturn

Despite the bleak data, traders remain optimistic as technical chart patterns suggest a potential breakout. Analysts have identified the formation of a fourth falling wedge pattern in DOGE. Historically, this pattern has preceded significant rallies in the past.

Breakout Potential and Risk:

A decisive breakout above $0.08 could trigger a sharp surge in the price of DOGE. However, a drop below $0.055 may signal further downside risk. Traders should monitor both levels closely to assess the direction of the market.

Conclusion

Dogecoin's network activity remains subdued, but chart patterns offer hope for a breakout and rally. Whether DOGE can sustain its upward momentum remains to be seen, with the price direction hinging on the critical support and resistance levels.