Dogecoin has been attracting attention recently with its high trading volumes and increased volatility. The $0.35 level plays an important role as a support point. If this level is broken, there may be a risk of the price falling to $0.21. However, if an upward break occurs and the $0.48 resistance is overcome, a rally towards $0.50 is expected. Institutional investor interest and market volatility may be a sign of a potential rise.$DOGE
Dogecoin has been showing strong activity recently, according to on-chain data. The average transaction size increased significantly last week, reaching $33,411 on November 12, 2024. The seven-day average remained stable at $11,960. The increase in large-scale transactions on the network indicates increasing interest from institutional investors and whales.
Additionally, Dogecoin’s volatility has also increased, with the 30-day average peaking at 147%. Historically, such periods of high volatility have often signaled sharp price movements.
From a technical perspective, the DOGE price has made a significant increase in November and is currently trading at $0.40. However, after encountering resistance at $0.48, the price has started to consolidate within a narrowing channel. In terms of downside risks, the 50-day EMA ($0.35) stands out as a critical support level. If this level is broken, a scenario could arise where the price could fall to the 200-day EMA of $0.21.