Active Dogecoin Addresses Hit 3-Month High: Is a Rally Imminent?

Activities on the Dogecoin network have skyrocketed, with the number of active wallets jumping to over 70,000. This is the highest jump since September, which is a big improvement but it leaves the question of whether the price will also rally.

According to Glassnode data shared by a crypto analyst Ali, the number of active addresses on the network has reached a peak of 71,589, a spike in wallet activities on the network that was last seen in September.

Will Dogecoin Price Rally Soon?

A spike in the number of active addresses on any crypto chain is an indication of increasing activity on the network. This activity may be coming from old dormant addresses or from new ones that were recently created. Whatever is the case, it indicates sudden interest in the coin.

For Dogecoin, this coincides with whales buying up the coin, such as 480 million of them being purchased in the last 48 hours. According to one analyst, the price has failed to break the resistance at $0.152 and is now touching the $0.147 level where the whales bought the coins. Such levels with massive buys usually form a strong support from which crypto assets can bounce. 

The coincidence indicates that the whale activity is responsible for the spike in active addresses, which happens to be an accumulation of the asset. Ideally, such accumulations are followed by price rallies as well. Last month, the coin flashed a huge buy signal that led analysts to believe that a 100% rally was underway.

DOGE Price Still Shows Weakness

While a typical accumulation phase ideally leads to a rally eventually, Dogecoin has yet to demonstrate the strength that the current accumulation is supposed to create. The coin’s price still struggles to break a major resistance at $0.152 according to analysts, and currently depends on the $0.147 level for support.

At the time of this report, DOGE has lost 1.74% in the last 24 hours, making it one of the highest losers among the top ten crypto assets as the market retraces from the brief rally that started two days ago but may have stalled.

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