The number of active addresses for DOGE has increased over the past 30 days.
By market cap, it remains the largest memecoin.
Dogecoin [DOGE] has crossed an impressive milestone, with a market cap exceeding $62 billion.
This surge reflects a strong recovery from earlier lows in 2024, driven by increased on-chain activity, a spike in trading volume, and growing investor interest.
As the DOGE index continues to rise, questions arise: Can it maintain this momentum in December, or is a pullback imminent?
Dogecoin's market performance.
Dogecoin has experienced a parabolic rise, with its price increasing from below $0.10 in October to around $0.44 currently.
Strong technical indicators support this significant growth, highlighting robust market sentiment.
The 50-day moving average at $0.26 has become a springboard for this rally, while the 200-day moving average at $0.15 remains a key long-term support level.
The widening gap between these averages indicates that bullish momentum continues.
As of the time of publication, the Relative Strength Index (RSI) is at 62, indicating that Dogecoin has slightly cooled from an overbought state earlier in November.
This suggests that if buying pressure resumes, there is further room for upward movement.
However, key levels to watch include the immediate resistance at $0.50, which is a psychological and technical barrier that may determine its trajectory in December.
On the downside, immediate support is at $0.40, and if a correction occurs, stronger support is around $0.35.
According to market sentiment and trading volume, technical setups indicate that Dogecoin may consolidate within this range before attempting to break out again.
Market capitalization is showing a similar trend, climbing alongside price increases. As of the time of writing, the market cap has slightly retreated to around $61.3 billion.
Take a look at Dogecoin's network growth.
Dogecoin's on-chain metrics also present an optimistic outlook. Trading volume surged significantly in November, with daily trading volumes peaking above $10 billion mid-month, stabilizing around $2.44 billion by early December.
Although this decline suggests that speculative trading is cooling, the network remains active and highly engaged, reflecting ongoing adoption.
In November, the number of active addresses on the Dogecoin network surged to a record 9.23 million. This growth indicates increasing engagement, with both new and existing users actively participating in the ecosystem.
Data confirms that the rise of Dogecoin is not purely speculative but is supported by tangible network growth, strengthening its market position.
Market sentiment and December forecasts.
If Dogecoin breaks through the resistance level of $0.50, its target price could reach $0.60 or higher by mid-December, driven by its growing market cap and strong network activity.
Such a breakout could attract more retail investors, further driving upward momentum.
Conversely, failing to maintain the $0.40 support level could lead to a pullback to $0.35, especially in the context of declining trading volume and active addresses.
Profit-taking by whales may exacerbate short-term volatility and increase the risk of a pullback. The performance of the broader cryptocurrency market, especially Bitcoin, will also be key in determining Dogecoin's trajectory.
