Dogecoin has seen significant activity in the past hours as its price rebounds after a weekend correction. Large transaction volume surpassed $23B in the last 24 hours.
Dogecoin Large Transaction Activity Intensifies
The recent Dogecoin rally seems to be losing momentum after a significant surge pushed its price above $0.42 for the first time since the 2021 bull market. Many traders have taken profits, resulting in a pullback and lowering Dogecoin's price under $0.40. Despite this, on-chain data indicates growing blockchain activity. Specifically, large transaction volume hit $23.35 billion over the last 24 hours, marking a 41.12% increase from the previous day. Active addresses rose by 34.91%.
What Does This Mean For DOGE Price?
These metrics highlight sustained interest in Dogecoin, even amidst price correction. This might indicate renewed buying interest, evidenced by a concurrent 4% price rise in the past 24 hours and a 7.4% increase from the weekend low.
Analyst Predictions
Crypto analyst Captain Faibik indicated that Dogecoin's price might soon break above the upper trendline of a falling wedge pattern. This pattern has been forming since DOGE peaked at a three-year high of $0.4265. According to technical analysis, a breakout from this wedge may trigger another rally, increasing the price by 25% to $0.47.
Dogecoin’s increased activity, supported by transaction and active address data, suggests potential upward price movement. Analysts forecast DOGE may break through current trendlines, potentially leading to new highs.
