- Dogecoin active addresses surged to 127,570, signaling strong user growth and renewed interest.
- DOGE futures open interest hit $3.03B, showing rising investor confidence near key resistance.
- Analysts target $0.287β$0.34 as DOGE forms a bullish pennant and enters the Wyckoff markup phase.
Dogecoin is showing clear signs of a strong move upward as market activity increases. With a notable rise in address activity, rising open interest in futures, and price structure turning bullish, the conditions are forming for a breakout. DOGE is currently trading at $0.2262.
Rising Network Activity and Market Interest
According to an analysis prepared by Ali, active addresses on the Dogecoin network surged to 127,570 as of May 13. This marks the highest level seen in over a year. The increase follows a period of stable activity, with addresses ranging between 60,000 and 80,000 until early May.
On May 13, Dogecoinβs active addresses reached a peak of over 469,000, showing renewed market participation. This development came after the SEC acknowledged a 21Shares filing for a potential spot DOGE ETF. The news appears to have sparked interest among investors, especially as DOGEβs price has rebounded from $0.16 to near $0.24 within days.
According to an observation by Trader Tardigrade, Dogecoin is now near the critical resistance level of $0.25. The price movement shows the formation of a bullish pennant pattern, supported by higher lows and strong RSI positioning near 75. If DOGE breaks above this zone, it could signal a continued upward trend.
Open Interest and Chart Patterns Point to Upward Move
CoinGlass data shows that Dogecoin futures open interest has increased by $280 million, reaching a total of $3.03 billion. This reflects rising investor commitment as DOGE trades near a key resistance level.
The funding rate is positive at 0.0105%, showing buyers are paying to keep their positions open. Several analysts have noted bullish chart patterns. Crypto analyst Jonathan Carter pointed to a breakout from a long-term descending channel.
He stated DOGE may target $0.287 and $0.340, with potential for a larger rise if momentum holds. Another analyst, Ace of Trades, said DOGE appears to have entered the markup phase in a Wyckoff pattern, with targets near $0.34 and higher.
