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- DOGE stabilized above $0.35 support zone amid increased whale transactions.
- Dogecoin’s active addresses surged by 35% alongside its rising liquidation levels.
Dogecoin [DOGE] has been hovering above a key support level at $0.35. Its prices are currently in a consolidation phase after a significant surge over the last bullish week.
The popular memecoin has repeatedly tested this key support level, with the price level demonstrating remarkable resilience.
DOGE is maintaining a tight range between $0.36 and $0.38, with prices standing at $0.3698 at press time.
Source: TradingView
Whale activity signals potential momentum
A notable surge in Dogecoin’s whale activity has caught the attention of market participants.
According to IntoTheBlock data, the number of significant DOGE transactions has witnessed a substantial uptick, reaching peak levels not seen since early November.
In fact, the memecoin’s large transactions have surged significantly by 41% in the past 24 hours alone. This increase in whale activity often precedes major price movements.
Source: IntoTheBlock
DOGE’s bullish sentiment
AMBCrypto’s analysis painted an encouraging picture for DOGE bulls. The memecoin’s active addresses have jumped by an impressive 35% to 157.19K, indicating growing user engagement.
This increasing trading activity indicated that more traders and investors were convinced of the $0.35 support level and are taking long position to target the next significance resistance at $0.48.
Source: IntoTheBlock
Liquidation data adds complexity
Besides the aforementioned positive sentiments, our analysis of recent Coinglass data revealed significant liquidation leverage at current levels, with a liquidation pool of 4.97M at the $0.3812 price level.
This substantial liquidation volume above DOGE trading price could act as a catalyst for increased volatility in the market. The liquidation pool adds a bullish bias to the already bullish market.
Source: Coinglass
What next for DOGE?
With significant support levels, increasing whale activity and growing network engagement, DOGE is set for a bullish rally.
However, market participants should remain mindful of the high liquidation leverage, which could introduce short-term price turbulence.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
All eyes remain on the $0.35 weekly support level as the market awaits clear directional signals.
The sustainability of current price levels, combined with ongoing network growth, may provide the foundation for DOGE’s next significant move.
