- Dogecoin’s network activity has dropped 95%, and its price struggles to maintain momentum.
- Declining transaction counts, MVRV ratio, and negative sentiment suggest limited recovery potential for DOGE ($0.12).
Dogecoin [DOGE] has seen a sharp 95% drop in its network activity, with active addresses plummeting from 2.66 million in November 2024 to just 130,282 at press time.
Dogecoin’s price was $0.2101 at this time, showing a modest 2.42% increase in the last 24 hours. This steep decline in activity could suggest that Dogecoin struggled to maintain momentum amidst broader market challenges.
What does price action say about Dogecoin’s future?
AMBCrypto’s look at Dogecoin’s price action showed that it had been in a steady downtrend in a symmetrical triangle after reaching a peak of $0.41796.
The price was sitting near $0.2101 at press time, with support found around the $0.17594 mark.
However, there are key resistance levels that could influence future movements, namely $0.27155 and $0.31413.
If DOGE fails to hold above $0.2100, it could face further losses. Additionally, the RSI was trending lower, indicating continued selling pressure.
Therefore, Dogecoin may...
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