Dogecoin's [DOGE] network activity has fallen to its lowest level since October 2024, with just 66 large whale transactions and less than 60,000 active addresses daily.

The slowdown raises questions about the next direction of DOGE's price.

On the day chart, DOGE is showing shrinking bullish momentum as the memecoin trades sideways after reversing the important $0.143 support price level.

The altcoin has not seen significant developments throughout the past week, with its price remaining in a consolidated range at around $0.172.

As of writing, the altcoin was trading at $0.1837, increasing by 4.4% over the last 24 hours.

Despite a recent drop in key on-chain metrics, the memecoin is showing signs of recovery. The weekly chart presents a more optimistic outlook.

While progress has been slow, the long-term trend is gradually turning bullish. This suggests a potential rally could occur if broader market sentiment improves.

While network activity has slowed, the memecoin is showing signs of recovery. The weekly chart presents a more optimistic outlook as the long-term trend is gradually turning bullish, which suggests a potential rally could occur if Bitcoin and the broader crypto market recover.

However, in the short term, DOGE's lack of momentum and reduced network activity may continue to suppress its price. A drop below $0.143 could lead to further losses for the altcoin, potentially reaching $0.12.

On the other hand, if the bulls regain control and push the price above the $0.215 resistance, the next target could be around $0.25.

DON'T MISS:Is It Time To Buy Dogecoin After A 150% Rally From 2024 Lows?

Get ready for the next bull market with Benzinga Pro! A subscription unlocks access to unique charts, technical analysis and a host of other powerful features.

Stay tuned to Benzinga for more crypto news and analysis.