The number of active addresses for DOGE has increased in the past 30 days.

By market cap, it still ranks as the largest memecoin.

Dogecoin [DOGE] has crossed an impressive milestone, with a market cap exceeding 62 billion dollars.

This surge reflects a strong recovery from the lows of early 2024, driven by increased on-chain activity, a surge in trading volume, and growing investor interest.

As the DOGE index continues to climb, a question arises: can it maintain this momentum in December, or is a pullback imminent?

Market performance of dogecoin.

Dogecoin has experienced a parabolic rise, with its price climbing from below 0.10 dollars in October to around 0.44 dollars currently.

Strong.technical indicatorsThis significant growth is supported by strong market sentiment.

The 50-day moving average of $0.26 has become the launchpad for this rise, while the 200-day moving average of $0.15 remains a key long-term support.Resistance。

The growing gap between these averages indicates that the call momentum continues.

As of the time of writing,Relative Strength Index (RSI) is 62, indicating that dogecoin has slightly cooled from its overbought state at the beginning of November.

This suggests that if buying pressure resumes, there is further room for upward movement.

However, the key levels to watch include the immediate resistance level at $0.50, which is a psychological and technical barrier that could determine its trend in December.

On the downside, the immediate support level is at $0.40, and if a correction occurs, stronger support is around $0.35.

According to market sentiment and trading volume, the technical setup suggests that dogecoin may consolidate within this range before attempting to break out again.

The market cap also exhibits a similar trend, rising alongside the price. As of this writing, the market cap has slightly retreated to around 61.3 billion U.S. dollars.

Let's take a look at the network growth of dogecoin.

The on-chain indicators for dogecoin also show an optimistic outlook. In November, the trading volume surged significantly, reaching a peak of over 10 billion U.S. dollars in daily trading volume by mid-month, then stabilizing around 2.44 billion U.S. dollars at the beginning of December.

Although this decline suggests that speculative trading is cooling down, the network remains active and engagement is high, reflecting ongoing adoption.

In November, the number of active addresses on the dogecoin network surged to a record 9.23 million. This growth indicates increasing participation, with both new and old users actively engaging in the ecosystem.

Data confirms that the rise of dogecoin is not merely a speculative behavior, but is supported by tangible network growth, thereby strengthening its market position.

Market sentiment and December forecast.

If dogecoin breaks through the resistance level of $0.50, then driven by its growing market cap and strong network activity, its target price may reach $0.60 or higher by mid-December.

Such a breakthrough may attract more retail investors, further fueling the upward momentum.

Conversely, if it fails to maintain the support level of $0.40, it could lead to a pullback to $0.35, especially in the context of declining trade volume and active addresses.

Profit-taking by whales may exacerbate short-term volatility and increase the risk of a pullback. The performance of the broader cryptos market, especially bitcoin, will also be key in determining the trend of dogecoin.