Dogecoin

Resistance

Pace

<p>Dogecoin has seen its price decline over 20% from December peaks as the memecoin struggles to sustain upside momentum. However, on-chain data reveals a brewing resurgence in grassroots activity and adoption that could foreshadow a trend reversal.</p> 
<h2 class="wp-block-heading" id="strong-new-wallets-growing-at-record-pace-strong"><strong>New Wallets Growing at Record Pace</strong></h2> 
<p>According to insights from <a href="https://twitter.com/santimentfeed/status/1754692279934374330" target="_blank" rel="noreferrer noopener nofollow">Santiment</a>, over 413,800 new Dogecoin wallets have been created in just the past two weeks. This parabolic growth rate represents the highest in DOGE’s decade-long history:</p> 
<p><em>“But the #memecoin’s wallets with &gt;0 $DOGE coins has been growing at the fastest rate in the network’s decade long history.”</em></p> 
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<p><em>Source: <strong><a class="thirstylink" rel="nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p> 
<p>The influx of new users and capital fuels network effects that typically propel subsequent price increases. Still, in the short term, DOGE remains stuck, bouncing between $0.073 and $0.09 resistance.</p> 
<h2 class="wp-block-heading" id="strong-breakout-requires-decisive-range-break-strong"><strong>Breakout Requires Decisive Range Break</strong></h2> 
<p>Analyst Yomi <a href="https://twitter.com/OG_Yomi/status/1754478668896764373" target="_blank" rel="noreferrer noopener nofollow">notes</a> DOGE must clear $0.09 resistance to kickstart a substantial breakout, with targets at $0.10 and $0.11 thereafter. This aligns with the December breakdown level that has capped rallies in 2023 so far.</p>  
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<p>However, from a cycle perspective, Yomi sees similarities to historical accumulation ranges that preceded mega rallies, tweeting:</p> 
<p><em>“Now is the most painful point in the cycle but within the coming months doge will begins its ascension.”</em></p> 
<p>DOGE has traded within this channel over the past month, spanning roughly $0.073 to $0.09. Specifically, the $0.073 level has provided strong support, with the price repeatedly bouncing off this area in January. This suggests solid demand is helping defend the bottom of the prevailing range.</p> 
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<p>However, Dogecoin needs to breakthrough channel resistance around $0.090 to signal a meaningful bullish breakout is unfolding.</p> 
<p>Closing outside the upper channel boundary would indicate bulls have reclaimed control from a technical perspective. It would also open up upside towards the next resistance zones at $0.10 and $0.11.</p> 
<p>So in essence, until DOGE can close above its trading range resistance, it remains confined to largely directionless and choppy conditions. But reclaiming $0.09 would be an early signpost that a bullish conviction is building to retest higher technical barriers.</p> 
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<p>The post <a href="https://captainaltcoin.com/new-dogecoin-wallets-surge-at-record-pace-while-doge-currently-battles-at-this-crucial-resistance/">New Dogecoin Wallets Surge at Record Pace While DOGE Currently Battles At This Crucial Resistance</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

New Dogecoin Wallets Surge at Record Pace While DOGE Currently Battles At This Crucial Resistance

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