Dogecoin's Active Addresses Surge 30% to Six-Month High

Dogecoin has experienced a significant surge in on-chain activity, with active addresses reaching a six-month high. This increase reflects a peak in retail engagement and renewed market attention, as the number of active addresses crossed 650,000, the highest since November 2024. This spike in activity suggests strong retail interest, although the timing near the local top of $0.41 indicates it may have been driven by late-stage speculative buying.

On-chain metrics reveal that the transacted coin acquisition cost and realized profits are nearing levels last seen in February, hinting at potential distribution. The Net Unrealized Profit/Loss (NUPL) indicator has returned to the “Optimism” zone, showing that the majority of DOGE holders are now in profit. While this reflects increased confidence, elevated unrealized profits can lead to selling pressure if resistance levels are not broken convincingly.

Despite the recent price surge, Dogecoin’s DeFi total value locked (TVL) remains under $5 million, highlighting a significant gap between price action and network utility. This suggests that the rally was driven more by sentiment and speculation than actual usage growth. The current price of DOGE is $0.226, with key resistance at $0.30 and support at $0.20. Failure to flip the $0.30 resistance could trigger a retest of the $0.145 trendline.

Technical indicators, such as the MACD being bullish and the RSI at 62, suggest consolidation. A breakout above $0.30 may open room for an upside move toward $0.36–$0.41. However, the MACD line is facing downwards and may flip, while the RSI has dropped to 62, indicating neutral sentiment after previously reaching overbought levels. If DOGE fails to reclaim $0.245, it may remain range-bound or revisit support levels near $0.220. A breakdown below this could open downside targets at $0.198 or even $0.145.

Conversely, a breakout above $0.245 with strong volume could trigger a move toward $0.268 or $0.30. The Dogecoin price is holding above key EMAs near $0.220, keeping the bullish structure intact. However, weakening MACD and a cooling RSI suggest fading momentum. DOGE remains in a tight range between $0.220 and $0.245, with traders watching for a breakout or breakdown from this zone.

Dogecoin’s on-chain activity and technical structure point to a critical juncture. With rising investor participation and bullish indicators hinting at a potential breakout, but failure to reclaim $0.30 could trigger a deeper correction toward long-term support. The lack of fundamental utility and declining volume point to a speculative rally. Technically, DOGE is holding above key EMAs, but fading momentum suggests uncertainty. A breakout above $0.245 could confirm bullish continuation toward $0.30, while a drop below $0.220 may trigger a deeper correction to $0.198 or $0.145. For now, DOGE remains range-bound, and traders should watch for a clear move before committing to direction.