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In a market shaped by fast moves and faster sentiment shifts, genuine clarity is rare, even strong on-chain signals can collapse without real structure behind them.

In a market as fast-paced as crypto, genuine clarity is a rare commodity. Even the strongest on-chain signals can quickly crumble without any real-world structure to support them. Take Dogecoin for example.

Dogecoin: Whale Activity Spikes, But Daily Active Addresses Drop 98% Since November

Dogecoin’s price action has been closely followed by traders and analysts. After a significant decline in November, the memecoin experienced a rebound, with Dogecoin's price testing the $0.50 level recently. This recovery follows a period of inactivity, raising questions about the sustainability of any short-term gains.

As reported by Finary, data from blockchain analytics firm Glassnode reveals a striking 98% decline in daily active addresses on Dogecoin’s network since November. This decrease in user engagement pulls into question the long-term strength of the memecoin’s recovery.

Despite this, there has been a sharp spike in Dogecoin whale activity in the last 24 hours. Tokens worth over $80 million were scooped up in large-volume transactions, a move that could generate interest in the memecoin once again.

This kind of accumulation usually signals conviction from the deepest pockets in the crypto world. However, even the deepest conviction needs some activity to build upon. Dogecoin’s daily active addresses have dropped by 98% since November, pulling network activity into question.

The ongoing Dogecoin whale activity may be signalling confidence, but the memecoin’s next chapter will depend on more than deep wallets. Without a sharp uptick in user engagement or a broader market lift, this latest wave of accumulation could end up just echoing old patterns - strong moves, soft follow-through.

AVAX Price Surges As Institutional Interest In The Blockchain Rises

Avalanche is quickly becoming a favorite among those in traditional finance who are looking for blockchain technology that can be used to build financial applications. The blockchain's smart contract capabilities and rapid settlement times are seen as key advantages over older, more centralized systems like SWIFT and Fedwire.

One institution that has been examining Avalanche closely is the European Central Bank (ECB), which is currently engaged in a two-year project to develop a digital euro.

According to a recent report by the ECB, members of the institution's technical working group on central bank digital currencies have been studying the potential use cases of Avalanche’s blockchain in the context of a euro stablecoin.

This interest in exploring new technologies is crucial for the ECB, which is aiming to create a digital euro token by 2025. The ECB's project has been closely followed by crypto traders and analysts, as any move by the central bank could have broad implications for the cryptocurrency market.

However, despite the growing attention on Avalanche, the cryptocurrency faces immediate resistance at $21.08. This level could pose an immediate challenge to further gains in the near term.

Despite this setback, Avalanche's price surged by nearly 8% in a single day, reaching $20.11. This follows a period of consolidation in the mid-to-high $19 range.

The cryptocurrency had been struggling to break out of the $20-$21.08 price range, with attempts to move higher being met by selling pressure. However, a breakout above $21.08 could open the way for further gains.

One cryptocurrency analyst, who uses the pseudonym Level Up Trader on X, previously noted that a break above $21.88 could create the potential for a rally to $28.

"If we break this zone, then we're going to $28," the analyst said.

However, another cryptocurrency analyst, who uses the pseudonym HYP on X, believes that the cryptocurrency’s next move will depend on whether it can break above the Fib 38.2% level, which is located at around $20.50.

"If we get a break above the Fib 38.2% level, then I think we're going to see a move to the Fib 50% level," the analyst said.

The Fib 50% level is located at around $23.40.

Both analysts' observations highlight the importance of technical analysis in cryptocurrency trading. By studying price charts and identifying key levels of support and resistance, traders can make more informed decisions about when to enter and exit trades.

In the long term, Avalanche is positioning itself as a tool for financial infrastructure reform. But in the short term, the question remains: Can strong tech keep the market interested when the initial wave of institutional attention settles down?

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