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Dogecoin Rises 4% Amid Increased On-Chain Activity and Wallet Spikes
Dogecoin experienced a 4% increase, reaching $0.14 with a market cap of approximately $21 billion and a 24-hour trading volume near $1.6 billion. This rise is linked to increased on-chain activity.
Spike in Active Wallets
- The number of daily active addresses on the Dogecoin network surged to over 67,500 on December 3, marking the second-highest reading in three months.
- Increased wallet activity follows previous spikes in price, such as the one on September 15 when DOGE approached $0.30.
Support Holding Near $0.14
- Dogecoin remains above the critical support level of $0.138–$0.14, which has been repeatedly tested.
- Trading volume more than doubled recently, indicating growing buying interest.
- Short-term reports show varying figures, though longer-term data indicate a 60% decline over the past year.
Volume and Technical Targets
- Traders are focusing on $0.16 as the next resistance level.
- A breakthrough above this point could signal a shift in short-term bearish patterns.
- The 200-day EMA is considered a broader target for confirming medium-term momentum shifts.
Mixed Signals
- Spikes in daily active addresses may indicate rising interest but can also result from bot traffic or large holder transfers.
- Increased volume supports buyers, yet active-address readings alone are not definitive.
- Bulls and bears show heightened activity, suggesting significant short-term market movements ahead.
Fed Meeting Adds a Macro Angle
- This week’s Federal Reserve meeting introduces uncertainty, with discussions on a potential rate cut that could impact risk assets like cryptocurrencies.
- Changes in rate policy may influence broader markets beyond individual token metrics.