An analysis of key Dogecoin metrics revealed a significant increase in network activity amid price consolidation.
Transaction Growth and Volatility
Over the past week, the average transaction size dramatically increased, reaching $33,411 on November 12, 2024. This suggests larger transactions dominating the network, a sign of potential institutional investor or 'whale' activity. At the same time, Dogecoin's volatility rose, peaking at 147% on the 30-day chart.
Current Market Situation
The Dogecoin market witnessed strong movements with a recent upswing to $0.40, followed by consolidation within a descending channel after resistance near the $0.48 level. Support levels are noted at the 50-day EMA and $0.35, with a possible decline to the 200-day EMA suggesting a fall to $0.21.
Dogecoin Growth Prospects
With increasing volatility and transaction volumes, Dogecoin's chances for renewed growth are revived. Breaking above the $0.42 to $0.45 range may indicate trend recovery, while a successful breakout above $0.50 could trigger a rally.
While Dogecoin shows signs of activity, significant capital inflow and support at higher levels are needed to reach previous highs.