- DOGE’s active addresses surged 400%, showing strong investor interest and momentum.
- A symmetrical triangle hints at a breakout if DOGE crosses key resistance at $0.18.
- Traders watch DOGE as the volume rises and patterns signal potential bullish movement.
Dogecoin (DOGE) is on an uptrend as the network activity increases, hinting at a possible breakout. Analytical platform Santiment data shows that the number of active DOGE addresses has surged by 400% and is now at nearly 395k. The increase in the total network suggests a higher number of investors and an increased number of transactions.
Analyst Ali Martinez pointed out this fact in an X post on Saturday, which shows that a rise in active addresses is usually followed by a change in prices. The increased activity has previously coincided with the bullish trend, making it possible to anticipate that DOGE is on the verge of a similar movement.
Key Technical Pattern Forms
Crypto Analyst, Trader Tardigrade explained that DOGE may be forming a symmetrical triangle formation on the hourly chart. This is an important technical tool usually used to indicate a breakout.
If the price rises and climbs over the upper trendline, it may go to $0.18 or even more, indicating an upward continuation. However, if it fails to sustain above key levels of $0.168, there might be a short-term correction before an upward move can happen. As of press time, DOGE is trading at $0.1728, up by 1.82% over the past day.
Market trends are unpredictable, but traders are paying close attention to DOGE’s direction. If Bitcoin continues being stable, DOGE has a better shot at actually completing the upward breakout. A breakout accompanied by high trading volume may bring in more buyers, which would further fuel the bulls.
Related: Dogecoin Hits Sentiment Lows: Could a $2 Breakout Be Next?
On the other hand, a lack of follow-through could result in a sideways movement or even a minor correction. Currently, Dogecoin is in a crucial position, which means that the next few days will decide whether it can return to the highs of the past or whether this is just a mid-term rally.
This surge in adoption signals a shift in market sentiment. The rise in large transactions suggests traders are accumulating DOGE, expecting a price rally. With trading volume on the rise, the market’s response in the coming sessions will determine whether this momentum holds.
