Key on-chain metrics for Dogecoin have shown a significant increase, indicating increased activity despite price consolidation. The average transaction size has seen a dramatic increase, suggesting larger transactions dominating the network, possibly due to institutional investor or whale activity. Dogecoin's volatility has also increased, which often precedes market movements. Although the asset has consolidated within a descending channel, it has an opportunity to recover upward momentum by breaking above the trendline of descending resistance. Traders should monitor the $0.42 to $0.45 range for indications of a recovery. A rally towards $0.50 could be initiated with a successful breakout. However, the asset's lack of volume and inability to maintain previous highs remain concerns. The state of the larger cryptocurrency market will play a role in determining if DOGE can reach its previous highs.



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