Dogecoin (CRYPTO: DOGE) has seen a 5% jump over the past week, with analysts pointing to a potential breakout in the near term.
Network Activity Spike
In a X post on Apr.22, Crypto chart analyst Ali Martinez noted Dogecoin has been consolidating in a tight range, but recent data suggests a potential breakout may be approaching.
A sharp spike in network activity on April 16, with nearly $800 million in transactions, indicates increased on-chain movement and possible repositioning by large market participants.
At the same time, whale accumulation has been significant, with over $330 million in DOGE purchased over the past week. This kind of buying during consolidation is often interpreted as stronger investors building positions ahead of a potential trend shift.
Relief Rally If Key Levels Reclaimed
From a technical perspective, DOGE remains stuck in a parallel channel, with repeated rejections at the $0.1018 resistance level preventing a breakout on five consecutive attempts.
A confirmed breakout would require a sustained 4-hour close above this level with strong volume, which could open the path toward the next target near $0.1172.
For now, Martinez is waiting for the $0.1018 pivot point to confirm that this liquidity surge could be the initiation of a “relief rally.”
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