Dogecoin [DOGE] continues to maintain a bullish structure, supported by rising scarcity and improving sentiment in the derivatives market. While on-chain activity remains muted, slight gains may reduce the risk of sharp sell-offs.
📈 Dogecoin Rises, Fighting for a Key Price Level
At the time of writing, Dogecoin was trading at $0.1813, posting a modest 0.33% gain in 24 hours. Although the token faces resistance, its recent price structure shows strong bullish momentum.
Historically, closing above key resistance levels has triggered new rallies — and that’s what DOGE is attempting now.
🔍 On-Chain Activity Remains Tepid
Despite the price increase, network activity remains relatively low. According to Santiment data, there were about 62,588 daily active addresses, and total transactions reached 61,411.
While this reflects a slight improvement from previous days, retail investor participation still lags behind the Dogecoin frenzy seen in late 2024.
💡 Investors Sitting on Comfortable Profits
Dogecoin’s MVRV ratio stands at 27.25%, indicating that holders are, on average, in profit. Importantly, this level isn't high enough to trigger mass sell-offs.
Historically, MVRV values above 50% often lead to sharp corrections — so the current level helps reduce fear of heavy profit-taking.
📊 Scarcity on the Rise: S2F Spikes
Another bullish signal comes from the Stock-to-Flow (S2F) model, which has spiked to 64.00.
A higher S2F suggests declining new supply relative to existing circulation — making the asset scarcer. Historically, this has supported long-term price appreciation.
🔥 Derivatives Market Signals Bullish Bias
Data from Binance shows that 71.33% of DOGEUSDT positions are long, versus 28.67% short.
This gives a long/short ratio of 2.49, highlighting traders’ growing confidence in further upside.
However, this also implies increased sensitivity to sudden sentiment shifts — potentially increasing short-term volatility.
🚀 A Major Breakout Ahead?
Combining technical and on-chain indicators, Dogecoin appears well-positioned for further gains.
The key catalyst would be a monthly close above $0.20, which could open the path toward higher targets — and possibly a return to its all-time high of $0.74.
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