Dogecoin (DOGE) Price: 12% Surge Outpaces Bitcoin as On-Chain Activity Jumps

TLDR

• Dogecoin (DOGE) has surged 12% in 24 hours, outperforming Bitcoin
• On-chain metrics show 41.12% increase in large transaction volume and 34.91% jump in daily active addresses
• Technical analysis reveals a cup formation pattern suggesting potential for further upward movement
• DOGE is currently trading at $0.181 with resistance at $0.185 and $0.20
• Some analysts and investors speculate about potential movement toward previous all-time highs of $0.74 or even $1

Dogecoin (DOGE) has emerged as a standout performer in the crypto market, posting a 12% price increase over the past 24 hours. This surge has positioned the popular memecoin ahead of Bitcoin in terms of key on-chain metrics and price performance.

The price jump comes as part of what many are calling an early altseason rally, with DOGE currently trading at $0.181 after a strong green candle close on the daily chart.

On-chain data from Santiment reveals DOGE has experienced a 41.12% spike in large transaction volume. This suggests increased activity from whale wallets and institutional players in the DOGE market.

At the same time, Dogecoin recorded a 34.91% increase in daily active addresses. This metric indicates growing retail interest and broader network engagement.

These numbers become more impressive when compared to Bitcoin, which actually saw double-digit declines in both metrics during the same period.

Technical Indicators Point Upward

Dogecoin’s weekly chart is displaying a classic cup formation that has caught the attention of technical analysts. This pattern typically suggests a period of accumulation followed by potential breakout movement.

The rounded bottom visible on the chart indicates a gradual building of buying pressure over time rather than a sharp V-shaped recovery.

This formation has led some investors to speculate about DOGE potentially moving toward its previous all-time highs from 2021, which reached approximately $0.74.

The daily chart shows additional bullish signals, including a MACD crossover. This technical indicator is often used to identify changes in momentum and potential trend reversals.

The Relative Strength Index (RSI) has also moved above 60, suggesting strengthening buying pressure without yet reaching overbought territory.

Trading volume has seen a marked increase, lending further credibility to the current price movement.

Resistance Levels and Price Targets

For Dogecoin to continue its upward trajectory, it must first overcome immediate resistance near $0.185. If successful, the psychologically important $0.20 mark becomes the next target for short-term traders.

The $0.20-$0.25 range represents a significant hurdle for DOGE. Breaking through this zone could open the path toward higher targets.

Dogecoin Price on CoinGecko

Some DOGE enthusiasts are even floating the possibility of the token reaching $1, though this would require substantial market momentum and continued interest in the broader altcoin market.

The current price action is unfolding against the backdrop of growing optimism in the alternative cryptocurrency sector. Many altcoins are seeing renewed interest as traders look beyond Bitcoin for higher-return opportunities.

DOGE’s history as one of the original memecoins with strong community support makes it a frequent beneficiary during periods of increased retail participation in crypto markets.

The coin’s recent performance has reignited conversations about its potential to reclaim previous highs. While reaching $0.74 or $1 would represent a substantial move from current levels, technical patterns provide some basis for these projections.

For now, traders are watching the immediate resistance levels to gauge whether DOGE can maintain its current momentum or if a period of consolidation might occur before the next leg up.

As always with cryptocurrency markets, price movements can be volatile and unpredictable. However, the combination of improved on-chain metrics and favorable technical setups has positioned Dogecoin as one of the cryptocurrencies to watch in the current market cycle.

The coming days will determine whether DOGE can break above key resistance levels and continue its upward movement, potentially confirming the bullish patterns that technical analysts have identified on the charts.