12% Rally Outshines Bitcoin as Whale Transactions Surge #CriptoNews

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• Dogecoin (DOGE) has rallied 12% over the last 24 hours, outperforming major cryptocurrencies including Bitcoin
• On-chain data shows a 41.12% increase in large transactions and 34.91% growth in active addresses
• Technical charts display a cup formation pattern that traders view as bullish for future price action
• Current price sits at $0.181 with immediate resistance at $0.185 and the psychological $0.20 mark
• Some market participants are speculating about potential moves toward previous highs of $0.74 or the elusive $1 target

The cryptocurrency market is witnessing a resurgence in altcoin activity, with Dogecoin leading the charge. DOGE prices have jumped 12% in just 24 hours, bringing renewed attention to the original memecoin.

This price movement has pushed DOGE to $0.181, making it one of the top performers among major cryptocurrencies during this period.

What makes this rally particularly interesting is how Dogecoin is outpacing Bitcoin across several important metrics. While BTC has seen declining on-chain activity, DOGE is moving in the opposite direction.

Data from analytics platform Santiment shows large transaction volume for Dogecoin has increased by 41.12%. This metric typically indicates heightened activity from institutional players and whale addresses.

At the same time, daily active addresses on the Dogecoin network have grown by 34.91%. This suggests broadening retail interest and overall network engagement.

These figures stand in stark contrast to Bitcoin, which recorded double-digit percentage drops in both metrics during the same timeframe.

Chart Patterns Signal Bullish Momentum

The weekly chart for Dogecoin reveals a classic cup formation that has caught traders’ attention. This technical pattern, characterized by its rounded bottom shape, often precedes continued upward movement.

Technical analysts view this formation as evidence of a gradual accumulation phase that may be nearing completion.

The cup pattern has fueled speculation about Dogecoin potentially making moves toward its all-time high of approximately $0.74, established during the 2021 bull market.

Daily timeframe analysis provides additional support for the bullish case. A recent MACD crossover indicates shifting momentum in favor of buyers.

The Relative Strength Index (RSI) has climbed above 60, showing strengthening buying pressure without yet reaching overbought territory that might trigger a pullback.

Trading volume has also expanded considerably during this price rise, adding credibility to the upward movement.

Key Price Levels to Watch

For the rally to continue, Dogecoin must first break through immediate resistance near $0.185. This level has acted as a ceiling in recent trading sessions.

Beyond that, the psychologically important $0.20 mark represents the next major hurdle. Breaking above this round number could attract additional buying interest.

The broader $0.20-$0.25 range represents a zone of historical resistance that DOGE must overcome to unlock the potential for moves toward higher targets.

Some DOGE supporters are discussing the possibility of the token eventually reaching the $1 milestone. While this would require substantial market momentum, the technical setup provides some basis for longer-term optimism.

The current rally comes amidst what many are describing as early signs of an “altseason” – a period when alternative cryptocurrencies outperform Bitcoin and attract increased trader attention.

As one of the market’s most recognizable memecoins with a devoted community, Dogecoin often benefits disproportionately during these market phases.

DOGE’s recent performance has sparked fresh discussions about its price potential. While reaching previous all-time highs would require a substantial move from current levels, the improved on-chain metrics provide fundamental support for the technical case.

Market participants are closely monitoring whether DOGE can maintain its current momentum or if a consolidation period might occur before the next potential leg upward.

The coming trading sessions will be crucial in determining if Dogecoin can break above key resistance levels and confirm the bullish patterns that technical analysts have identified.

With on-chain activity outpacing Bitcoin and chart patterns suggesting further upside, Dogecoin has positioned itself as one of the cryptocurrencies to watch in the current market environment.