Active Dogecoin addresses rose to 127,570, indicating strong user growth and renewed interest.
The open trading volume for DOGE futures reached $3.03 billion, indicating rising investor confidence near the key resistance.
Analysts are targeting the $0.287 - $0.34 level as DOGE forms a bullish flag and enters the Wyckoff phase.
Dogecoin shows clear signs of strong bullish momentum with increasing market activity. With a noticeable rise in trading activity, an increase in open positions in futures, and a price structure shifting to an upward trend, the conditions for a price breakout are forming. Dogecoin is currently trading at $0.2262.
Increased network activity and market interest.
According to an analysis by Ali, the number of active addresses on the Dogecoin network rose to 127,570 as of May 13. This represents the highest level in over a year. This increase follows a period of stable activity, where addresses ranged between 60,000 and 80,000 until early May.
Source: Ali Charts(X)
On May 13, active Dogecoin addresses reached a peak of over 469,000, demonstrating renewed market participation. This development came after the U.S. Securities and Exchange Commission (SEC) acknowledged 21Shares' application for a potential spot exchange-traded fund for Dogecoin (DOGE ETF). This news appears to have sparked investor interest, especially with Dogecoin's price recovering from $0.16 to nearly $0.24 within days.
Source: Trader Tardigrade(X)
According to a note from Trader Tardigrade, Dogecoin is now approaching a critical resistance level at $0.25. The price action shows the formation of an ascending flag pattern, supported by higher lows and a strong relative strength index near 75. If DOGE surpasses this area, it could indicate a continuation of the upward trend.
Open interest and chart patterns indicate a bullish move.
CoinGlass data shows that the open trading volume for Dogecoin futures has increased by $280 million, reaching $3.03 billion. This reflects an increasing commitment from investors as DOGE trades near a major resistance level.
https://twitter.com/Karman_1s/status/1922703528574717967
The funding rate is positive at 0.0105%, indicating that buyers are paying to keep their positions open. Many analysts have noted bullish chart patterns. Cryptocurrency analyst Jonathan Carter pointed to a breakout from a long-term descending channel.
Source: Jonathan Carter(X)
It was stated that DOGE could target $0.287 and $0.340, with the potential for further upside if momentum continues. Another analyst, Ace of Trades, mentioned that DOGE appears to have entered a price margin phase according to the Wyckoff pattern, with targets near $0.34 and above.
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