Dogecoin Price Climbs on Bullish On-Chain Metrics: How High Can DOGE Go?

Dogecoin price has experienced significant volatility throughout November because of recent events in the cryptocurrency market involving the spot bitcoin ETF and legal action against Binance. Even so, the DOGE price is likely to start its recovery journey soon. The largest meme coin by market cap has added nearly 14% in its value in the past week, 17.33% in the month to date, and more than 15% in the year to date. DOGE’s total market cap has climbed by 3.20% over the past 24 hours to $11.5 billion, ranking it 9^th after Cardano, while its daily trading volume increased by 23% over the same period.

DOGE’s Outlook

Since it arrived in the market in 2013, Dogecoin has enjoyed a period of relative stability and calmness. The meme coin has significantly improved its price, popularity, and presence on different social media platforms. Today, Dogecoin is not only the most popular meme coin but also one of the most valuable cryptocurrencies in the world. Over the years, DOGE has received significant support from SpaceX and Tesla founder Elon Musk, contributing to the growth in the Dogecoin price.

Dogecoin price has been in the green over the past three days, shedding some of the losses made throughout the month. On-chain metrics paint a bullish outlook for Dogecoin, highlighted by a massive increase in non-zero balance wallet addresses.

Data by crypto intelligence tracker IntoTheBlock shows that Dogecoin’s non-zero balance wallets climbed to 5.11 million. This marks a significant milestone, as DOGE wallets with a balance hit a record high, highlighting a rising demand for DOGE among market participants.

Notably, the overall DOGE transaction count hit a major new high of nearly 1.5 million over the past 24 hours. According to prominent Dogecoin developer Mishaboar, the massive traffic is due to small transfers. Many users are taking advantage of the Dogecoin network, which generously offers low fees and dust limits. As such, traders seem optimistic as the spike in wallet addresses supports a bullish thesis for DOGE recovery.

Dogecoin Price Analysis

The daily chart depicts noticeable price swings in the Dogecoin price throughout November, indicating a lack of dominance from either bulls or bears. The digital asset has been facing strong resistance at the critical level of $0.08400. Even so, the meme coin remains above the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved slightly higher but remains in the neutral zone. The Bollinger Bands have widened throughout November, suggesting an increase in volatility.

The upper Bollinger band at $0.08400 serves as the immediate barrier for buyers. A break above this level could pave the way for further gains to $0.0900 and the highly competitive level of $0.100. Conversely, a potential decline below the immediate support of $0.07560 will invalidate the bullish thesis.

DOGE Price Chart