Amid the bearish pressure in the crypto market, Dogecoin witnessed a staggering 528% increase in active addresses

This positive momentum indicates a robust network activity and growing investor interest.

Amid the bearish pressure in the crypto market, Dogecoin (CRYPTO: DOGE) witnessed an staggering 528% increase in active addresses, soaring from below 75K to over 400K. This positive momentum indicates a robust network activity and growing investor interest.

Industrial experts are pointing to 21Shares’ filing for a spot Dogecoin ETF, receiving acknowledgement from the SEC as a major proponent behind this growth.

With this bullish Dogecoin news, crypto observers are monitoring the DOGE price closely for a shift in sentiment.

DOGE price stuck at pivotal price points amid EFT boost

The recent efforts to launch a spot ETF to track DOGE’s price aligns with similar endeavors by Bitwise and Grayscale. This move hints at potential mainstream adoption for DOGE even as a meme coin.

Dogecoin news such as this fueled market optimism, leading to a rise in the memecoin’s network activity but its price is on a different timeline.

Prominent analyst Ali Martinez suggested that the Dogecoin price is locked into two price zones that could define its next price movement. According to the chart expert, the meme coin firstborn is trading between a major supply zone at $0.36 and a strong base at $0.21.

Good morning.

The price action of Dogecoin is interesting. It's currently ranging between a strong base at $0.21 and a major supply zone at $0.36.

A break and close above $0.36 is the strongest bullish signal, while a break and close below $0.21 could open the door for a return to the… pic.twitter.com/q7lC8rL3zR

— Ali Martinez (@ali_charts) August 17, 2023

DOGE’s on-chain data backs Ali’s claim. This metric shows that $0.36 is where large buy orders entered the market – nearly 5.7 billion DOGE were last moved at that price. If this zone is tested again, it will likely trigger serious selling pressure. This is because it currently serves as a resistance and profit zone for smart money.

Meanwhile, Glassnode recently highlighted that the DOGE Futures Open Interest surged by almost 64% in the past week, going well above $1.6 billion. This means that the amount of open short and long positions has skyrocketed, which comes at a time when DOGE’s rally cooled off.

📊 Crypto Tale: Dogecoin (DOGE) futures saw an almost 64% rise in Open Interest last week, surpassing $1.6B.

This signals heightened activity in leveraged markets, largely driven by short positions.

Despite a recent rally, which saw a 40% weekly surge in price and a 528% increase in active addresses (now over 400K), putting it in the top20 on-chain metrics, DOGE’s price pulled back.

This aligns with the observation that on-chain data often anticipates price trends. As more investors joined the market during the rally, it appears they've already begun taking profits at higher prices.

Now, with the ETF application from 21Shares receiving approval, there's renewed interest in DOGE. Will this lead to a shift in sentiment and a move out of the current price zone, which has seen limited activity since March 2023?

— Glassnode (@glassnode) August 16, 2023

Is the Dogecoin price preparing a monumental surge?

Even with the bullish Dogecoin news of its recent 21Shares (EPA:21S) ETF filing, DOGE appears to be experiencing a pullback, trading at $0.22. At the moment, for DOGE to reach the first major resistance outlined by Martinez, it would have to outperform its previous 40% weekly surge.

Source: Crypto Basic on X

Regardless, analyst Chris on Crypto Basic predicts that Dogecoin has a strong chance of hitting $1 by September 23. His analysis was based on DOGE’s recent breakout above a long-term downtrend and a bullish flip in the Ichimoku Cloud.

Another Dogecoin proponent, Kriss Pax, spotted an inverse head-and-shoulders pattern on the daily chart, suggesting a potential surge to $0.42.

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