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Dogecoin (Doge) faces a critical moment, after it has lost more than 40 % of its value since the beginning of March. The entire encryption market is under intensive sale, driven by total economic certainty and increased fluctuations. However, the meme currencies like Doge are more difficult, as the bears continue to shorten them strongly, which prompted prices to a decrease with no signs of relief.
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Despite the heavy shrinkage, the data on the chain indicates possible signs of recovery. Glassnode measures reveal that the activity of the Dogcoin network rises, with a 47 % increase in active headlines during the past month. Historically, the increase in the use of the network and the activity of transactions can indicate the renewed interest and accumulation by long -term holders.
If this trend continues, Dog may see a recovery once the market conditions begin to improve. However, the bulls still have a lot of work to do it to restore the lost land and pushing Dogecoin to the upward trend. The coming days will be very important, as traders closely watch whether the network growth can translate into price stability or if the additional negative aspect is advanced in Doge and the wider Meme.
Dogecoin below 70 % as the network activity appears to grow
Dogecoin has suffered brutal sales, now trading at 70 % of the highest level in December where the sale pressure remains unabated. Metal currencies, in general, were the most affected assets on the market, as fear and speculation push investors away from high -risk assets. With Dog's failure to find strong support, the bulls have a lot of work to be done before any meaningful recovery occurs.
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The shrinkage of the broader encryption market only added to the struggles. Bitcoin (BTC) has been in a declining direction since late January, and with the continued spread of fear, investors have reduced their expectations and set less goals. If this really represents the end of the BTC cycle in BTC, then the coins like Dogecoin will be among the most difficult blow, as speculative assets tend to suffer in homogeneous conditions.
However, not all signals are negative. Analyst Ali Martinez shared data in the series on XAnd revealed that the activity of the Dogoin network is increasing. The active headlines increased by 47 % last month, increasing from 110,000 to 163,000. Historically, the increased network activity is often recovered in price, as it indicates the renewal of interest and participation in the ecosystem.
While Dog is still facing great resistance, this height in the activity can be an early sign of the return of buyers. If Bitcoin settles, the Meme currency sector may see relief, which is likely to lead Dogecoin to the main resistance levels. Currently, DOGE is still under pressure, but the growing network activity provides a glimmer of hope for the upscale merchants watching a shift.
Dogecoin is struggling at $ 0.17 while bears maintained control
Dogecoin is currently trading at $ 0.17 after huge selling pressure and a significant transformation in the market morale towards fear. Driving the broader encryption market from the most difficult metal currencies, as Dog is struggling to find stability amid unnecessary sales.
For a possible recovery, DOGE should increase the highest level of support of $ 0.15. If Bulls managed to defend this area, they can try to pay towards a mark of $ 0.20, which is a major psychological resistance. Restoring $ 0.20 would indicate a possible reflection, providing DOGE the momentum to keep the recovery gathering.
However, if the pressure pressure continues and Dog is lost $ 0.15, the situation may be quieter. The rest of this support can lead to an additional decrease of about $ 0.10, a level that has not been tested since early 2023.
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As morale continues to feel in the market, traders closely monitor whether Doge can keep its current group or if there is more from the downside. The next few trading sessions will be crucial, as the bulls must intervene quickly to prevent another significant decrease.
Distinctive image from Dall-E, the tradingView graph
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