Dogecoin’s Network Activity Hits Multi-Month Low

Dogecoin’s network activity has hit a multi-month low as the meme coin struggles to find bullish steam. On-chain data reveals a declining interest: DOGE whale transactions have plummeted to just 66 per day, while active addresses have dropped below 60,000, a level not seen since October 2024.

> 🐶📉 #DOGE network activity has dropped to its lowest level since October 2024, with just 66 whale transactions and fewer than 60,000 active addresses per day.
> — CryptoBull_360 (@CryptoBull_360) February 24, 2025

Falling Wedge Pattern: A Potential Lifeline for Dogecoin?

Despite the bearish data, traders remain hopeful as chart patterns indicate a potential breakout. Technical analysts highlight DOGE’s current formation of a fourth falling wedge, a pattern that has previously preceded major rallies.

Historical Wedge Breakouts:
– First breakout: +88%
– Second breakout: +208%
– Third breakout: +445%

If history repeats itself, Dogecoin might be gearing up for another explosive move.

Source: TATrader_Alan

Key Price Levels to Monitor for DOGE

While the short-term market sentiment is uncertain, there is solid support near $0.06, with resistance at $0.08 and $0.12. A strong push above the wedge could propel the meme coin to new highs. Conversely, a dip below $0.055 could invalidate the bullish outlook.

Related: Meme Coins Crash: Index Sinks 75%—What’s Next for $DOGE, $SHIB & More?

Even with the current decrease in on-chain engagement indicating dwindling retail interest, seasoned traders are remaining composed.

Traders Betting on Dogecoin’s Historic Rally Repeat

One trader recently reaped significant profits on DOGE by employing a swing trading strategy—buying low and selling high. He bought DOGE at $0.09, sold at $0.42, and purchased more as prices rose. Now, he is closely watching for the next breakout. His expectation for another all-time high aligns with Dogecoin’s historical patterns, fostering bullish sentiment among market participants.

Despite DOGE’s dwindling network activity, traders are focused on the fourth falling wedge pattern. If the historical trend persists, DOGE could soon surge into price discovery mode.

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