The key on-chain indicators for Dogecoin have significantly increased, indicating that trading activity is still rising despite price consolidation. Over the past week, the average transaction size has surged, reaching a 7-day high of $33,411 on November 12, 2024, while continuing to hover around the 7-day average of $11,960.
This sharp increase suggests that the network is being dominated by larger exchanges, which may indicate growing interest from institutional investors or whale activity. The volatility of Dogecoin 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 volatility of Dogecoin increased, there were either sharp pullbacks or strong rebounds. A critical phase can be observed from the Dogecoin price chart market perspective. Dogecoin surged significantly 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 clear support levels. If Dogecoin cannot maintain this level, it may drop to the 200-day EMA of $0.21. There is a chance to regain bullish momentum if Dogecoin breaks the downward resistance trendline. Traders should closely watch the $0.42 to $0.45 range for signs of recovery.
