Dogecoin’s [DOGE] network activity climbed to nearly 50,000 active addresses at press time, marking the strongest level highlighted in the latest on-chain update.
The steady increase reflected growing user participation across the network despite the broader weakness in DOGE’s market structure. Rather than appearing as a one-day spike, active addresses increased consistently before reaching their recent peak, suggesting engagement strengthened over several sessions.
However, the latest reading eased slightly after the surge, indicating some activity cooled following the sharp expansion. Despite that, network participation remained elevated, showing users continued interacting with the blockchain.
Top traders stand firmly behind DOGE
Binance’s top traders continued favoring long positions despite Dogecoin trading below numerous important resistance levels.
Notably, long accounts represented 76.07% of positions, while short accounts accounted for 23.93%, producing a 3.18 Long/Short Ratio as of writing. Those figures showed experienced participants maintained a bullish outlook even after DOGE struggled to recover fully.
However, such one-sided positioning also left the market vulnerable if buyers failed to defend nearby support. Even so, traders had not reduced their bullish exposure, indicating they still anticipated higher prices instead of preparing for another broad decline.
Their positioning aligned with the recent improvement in network activity, although price still required stronger confirmation before the market could validate that confidence.
Buyers defended support, but resistance still dominated
DOGE rebounded after defending the $0.07224 support level, although price remained below the key $0.08282 resistance. Buyers pushed DOGE back toward $0.07582, showing demand returned after the recent decline.
At the time of writing, the Relative Strength Index (RSI) also recovered from oversold territory and rose to 37.97, while its Moving Average stood at 28.65. That improvement suggested selling pressure had eased compared with previous sessions.
However, RSI remained below the neutral 50 level, indicating buyers had not fully regained market control. A move above $0.08282 would strengthen the recovery structure and expose the next resistance near $0.08994.
Otherwise, another rejection would likely keep DOGE trading inside its current lower range before buyers attempted another advance.
Liquidity clusters highlighted the next price magnets
The Liquidation Heatmap showed the largest concentration of leveraged positions sitting just below the current price around the $0.075 region. This cluster represented the strongest nearby liquidity and could attract price if sellers regained control.
However, additional liquidity bands also appeared above the market, particularly between $0.078 and $0.080, with another concentration extending toward the $0.082 area. Those overhead clusters could become the next upside targets if buyers sustained the current rebound.
Since price often gravitated toward dense liquidity zones, both sides of the market remained important.
As a result, traders would likely watch whether DOGE first cleared the overhead clusters or revisited the stronger liquidity resting beneath current trading levels.
Final Summary
- Dogecoin network participation increased sharply, showing stronger user engagement despite recent price weakness.
- Binance traders remained heavily long, but DOGE still needed to reclaim key resistance.
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