Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs?

Dogecoin (DOGE) has surged over 39% recently, sparking renewed euphoria and optimism among traders and investors. Key metrics from IntoTheBlock reveal that DOGE network activity has spiked multiple times over the past month, a sign of increased engagement that suggests the meme coin could be primed for more gains.  As Bitcoin nears its all-time high, the broader crypto market rally is fueling confidence that DOGE may soon challenge its yearly high of $0.228. Related Reading: Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities The surge in network activity highlights the growing momentum behind DOGE, as new and seasoned investors show heightened interest in the coin. With traders increasingly active, sentiment around Dogecoin has taken a bullish turn, leading many to anticipate further upside.  As excitement builds and BTC’s performance hints at continued strength across the market, DOGE’s momentum could see it set new local highs in the coming weeks. Dogecoin Activity Supporting Price Action Dogecoin has finally made its move, and many analysts believe this rally is just beginning. Recent data from IntoTheBlock reveals a substantial uptick in daily active addresses on the Dogecoin network, with several notable spikes in activity over the past month.  This increase in network engagement is often a bullish indicator, signaling rising demand and optimism among traders. As DOGE now tests a critical supply level around $0.18, bulls are focused on maintaining momentum to break through this barrier and ultimately target the yearly high of $0.228. Analysts suggest that a successful breakout above $0.18 could set the stage for Dogecoin’s next significant rally. However, if bulls face resistance at this level, a retrace to lower demand zones could provide the liquidity needed to fuel the next leg up.  Related Reading: GOAT Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details The heightened network activity is a promising signal for the DOGE community, as it indicates that new interest is backing price action. With Bitcoin leading the market higher, Dogecoin could continue to benefit from the current wave of enthusiasm in crypto, positioning it well to challenge new highs.  For now, DOGE remains one of the coins to watch closely as it navigates critical resistance, with traders eager to see if it can ride this wave toward new heights. DOGE Price Action Signals Strength Dogecoin is trading at $0.172, following a robust 39% surge after rebounding from its daily 200 moving average (MA) at $0.127. Holding this key indicator as support has signaled renewed long-term strength, underscoring DOGE’s potential for a continuing uptrend. Price action remains resilient, with DOGE holding firmly above the $0.165 level, suggesting that bulls are in control and could drive higher prices. Despite the strong momentum, a healthy retrace to $0.165—or even a lower demand level at $0.15—would support the bullish structure, allowing DOGE to gather the necessary liquidity for another leg up. Holding these levels would position DOGE to push toward its next major target: yearly highs around $0.228. Related Reading: Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B With bullish sentiment across the crypto market and DOGE showing solid technical indicators, many analysts view these price levels as potential stepping stones for another rally. Traders and investors will closely watch for signs of strength or a pullback as DOGE prepares for its next test. Featured image from Dall-E, chart from TradingView