DOGE, the largest meme cryptocurrency, surged 8% during Monday’s trading session to $0.187. This uptick followed the broader market recovery, with the Bitcoin price heading close to $90,000. However, this relief rally has yet to confirm trend reversal, and the lagging Dogecoin network hints that the risk of a prolonged correction is intact.
Key Highlights:
- Since December 2018, the Dogecoin price has witnessed a sustained downtrend resonating with two downsloping trendlines.
- DOGE whale transactions and active addresses hit record lows since Oct 2024.
- A bullish breakout from the 20-day exponential moving average set the coin price for a 48% surge.
Dogecoin Struggles With Weak Network Activity Despite Price Uptick
Over the past three months, the Dogecoin price has witnessed a significant downturn from the $0.482 top to its current trading value of $0.18, accounting for a 61.5% loss. Following this price decline, the memecoin witnessed a stark decline in transaction volume and active users.
According to data from Santiment, Dogecoin’s network activity has plunged to a record low not seen since October 2024. The memecoin now records only 66 daily “whale” transactions—large movements typically above $100,000—and fewer than 60,000 active addresses per day.
This downtrend underscores a weakening interest and engagement within the Dogecoin ecosystem, possibly signaling investor fatigue or a broader shift in market sentiment away from meme-based assets.
If the trend persists, the DOGE price will struggle to drive a sustained recovery.
DOGE Eyes 45% Rally After EMA Breakout
With today’s price jump, the Dogecoin price teases a bullish breakout from the fast-moving 20-day EMA slope. Since late January 2025, the coin price showcased several failed attempts to reclaim this support, indicating an active sell-the-bounce sentiment in the market.
The past behavior shows that each fake breakout accelerated the bearish momentum and bolstered a high-momentum downfall. Thus, the current breakout indicates a pivotal momentum for DOGE to decide on further growth or continued correction.
If history repeats and the price fails to hold the 20-day EMA slope, the coin price would extend a correction below $0.143.
However, if the breakout is sustained, this dog-themed memecoin would surge 45% to challenge the key resistance trendline at $0.27.
Also Read: Ethereum Price Reclaims $2000 as Whales Accumulate 470K ETH; What’s Next?
