• Over the past 30 days, many more active addresses have been seen by DOGE.
• It remains the largest meme coin by market value.

Dogecoin [DOGE] has crossed an impressive milestone, with over a market value of $62 billion.

The surge reflects a strong recovery from a low in early 2024, helped by increased activity on the chain, a surge in trading volume and increased investor interest.

As DOGE climbs, the question arises: will it keep its momentum in December or a pullback.

Market performance in Dogecoin

Dogecoin is now trading around $0. 44 after rebounding from below $0. 10 in October.

This significant increase was supported by strong technical indicators that underline strong market sentiment.

The $50-day moving average of 26 is the springboard for rebound, while the $0.15200-day moving average remains a key long-term support.

The growing gap between these averages indicates continued bull market momentum.

At press time, the relative strength index (RSI) was 62, indicating that Dogecoin has cooled slightly from the overbought condition observed in early November.

This suggests that there is room for further gains if buying pressure recovers.

However, the key levels to watch include direct resistance at $0. 50, a psychological and technical hurdle that could determine its December direction.

On the downside, immediate support is at $0. 40, and with a pullback, support will be around $0. 35.

Depending on market sentiment and trading volume, the technical settings suggest that Dogecoin may consolidate within this range before trying to break through.

Market value followed a similar trend, climbing as prices rose. By the time of writing, the market value has fallen slightly to about $61.3 billion.

Dogecoin's network growth

Dogcoins in the chain indicators show an equally optimistic outlook. Trading volume surged in November, peaking at more than $10 billion in China and Japan, and then stabilizing at around $24. 400 million in early December.

Although the drop marked a cooling in speculative trading, the network remained active and engaged, reflecting continued adoption.

Active addresses on the Dogecoin network surged in November, to a record 9.23 million. This increase indicates an increase in engagement, with both new and existing users participating in the ecosystem.

The data confirm that the rise of Dogecoin is not purely speculative, but is supported by tangible network growth, thus consolidating its market position.

Market sentiment and the December forecasts

If Dogecoin breaks resistance at $0. 50, it could reach its target of $0. 60 or higher in mid-December, driven by its growing market value and strong network activity.

Such a breakthrough could attract more retail investors, further driving the momentum.