The key on-chain metrics for Dogecoin have significantly increased, indicating that despite price consolidation, trading activity is still on the rise. In the past week, the average transaction size surged, reaching a 7-day high of $33,411 on November 12, 2024, while continuing to hover around a 7-day average of approximately $11,960.
This sharp increase suggests that the network is being dominated by larger exchanges, which may be a sign of increased interest from institutional investors or whale activity. Dogecoin's volatility has also significantly increased, peaking at 147% on the 30-day chart.
This indicates high price volatility, which typically precedes significant market fluctuations. In the past, before the increase in Dogecoin's volatility, there was either a major pullback or a strong rebound. A key phase can be observed from the market perspective of Dogecoin's price chart. Dogecoin saw a significant rise in November and is currently trading at around $0.40. After encountering resistance near $0.48, the asset subsequently consolidated within a downward channel.
The 50-day EMA and $0.35 are both significant support levels. If Dogecoin fails to maintain this level, it could drop to the 200-day EMA at $0.21. If Dogecoin breaks the downward resistance trendline, there is a chance to regain bullish momentum. Traders should closely monitor the $0.42 to $0.45 range for signs of recovery.
