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The Dogecoin network shows increasing activity, as active addresses have increased by 47% during the last month.
The weekly chart shows a bullish reversal doji pattern alongside historical RSI patterns, which suggest a possible price recovery.
And with a Dogecoin ETF proposal currently under review, Dogecoin may be poised for a big move.
Dogecoin’s Active Addresses Surge by 47%
The Dogecoin network shows intense operational activity. According to Glassnode, active addresses have increased by 47% in one month, from 110,000 to 163,000.
This quick rise in user participation indicates both increased user involvement and potential accumulation.
Adding to the bullish sentiment, the SEC recently received Bitwise’s request to launch a Dogecoin exchange-traded fund.
Potential SEC approval would transform the meme coin by enabling institutional investors to access it more easily.
The introduction of Bitcoin ETFs triggered a price increase that pushed BTC above $70,000 for the first time.
A similar effect on DOGE is possible, after ETF approval because it would enhance market credibility and liquidity.
Bullish Reversal Pattern Emerges on Weekly Chart
Meanwhile, Dogecoin’s weekly price chart indicates a possible trend shift as per current market indicators.
According to Ali Charts, the cryptocurrency has created a bullish reversal doji pattern, which indicates potential market trend changes.
Dogecoin recovered from its $0.1429 low to reach $0.1676, which formed this important pattern.
Further supporting this idea, Trader Tardigrade observes that Dogecoin established its macro channel during its entire existence.
Price has demonstrated strong upward movement whenever it reaches the bottom of its established channel.
Right now, the price position at the lower boundary shows no deviation and indicates a historically significant support zone.
Looking at past performance, DOGE experienced a +500% increase after it reached the lower boundary of its macro channel during its previous touch.
If this trend continues, Dogecoin stands at a crucial juncture where ongoing market patterns indicate a potential major price increase.
Dogecoin’s Futures Market Shows Key Trends
According to CoinGlass, Dogecoin’s Open Interest (OI) and trading volume data reveal significant shifts.
The total value of outstanding futures contracts, known as open interest, reached its highest point at more than $5 Billion during mid-January 2025.
At that time, the token was valued between $0.40 and $0.50 while speculators poured into the market.
However, a decline in DOGE price led to a reduction of Open Interest to $1.3 billion during early March as traders liquidated their positions.
But the current open interest value of $1.4 billion indicates that investors are starting to return to the market.
Furthermore, the trading volume demonstrated parallel patterns throughout its history.
The DOGE price surpassed $0.40 in November 2024, which triggered a massive trading volume surge, reaching nearly $60 Billion.
However, as the price pulled back, volume stabilized at approximately $4 Billion.
Dogecoin’s RSI Signals a Possible Bottom
Moreover, crypto analyst Trader Tardigrade’s RSI analysis provides one of the most powerful bullish indications.
Dogecoin shows a classic bottoming pattern that has appeared during past cycles, according to his analysis.
The Relative Strength Index (RSI) indicator reached levels below 30, which indicates that selling pressure might be losing its strength.
Interestingly, Dogecoin’s price dropped to a new low, but its RSI indicator showed minimal change.
This is known as a bullish divergence pattern, indicating an upcoming price reversal.
The previous occurrence of this price setup happened in July 2023, right before the token experienced a price surge that doubled its price within weeks.
Currently, Dogecoin’s RSI sits at 30, which indicates a potential start of new price rallies.
Historical patterns suggest DOGE might experience a powerful price recovery during the upcoming months.
