As a seasoned researcher with years of experience in tracking cryptocurrency markets, I find myself intrigued by the recent surge in Dogecoin (DOGE). The renewed network activity and the uptick in transactions last week have caught my attention, reminding me of the meme coin’s resilience.
On Tuesday, there was an optimistic comeback in the cryptocurrency market, primarily due to rumors of a possible Federal Reserve interest rate decrease. Bitcoin took the lead, jumping more than 4% to hit $65,500, triggering a positive trend across other digital currencies. Consequently, Dogecoin regained its $0.1 mark, demonstrating renewed energy. This upward trend coincides with an increase in network activity, suggesting that the price of Dogecoin could potentially rise even more in the coming days.
Renewed Network Activity Pushes Dogecoin Toward $1.4 Price Target
For the past two months, the Dogecoin price prediction has made three unsuccessful attempts to break through the $0.091 resistance during a recent market downturn. The long-tailed rejection candles at this level indicate strong demand pressure and have boosted the asset by 10.3%, pushing it up to $0.11.
As a result, the total value of Dogecoin surged to an impressive $14.76 Billion. A closer look at the day’s analysis reveals that the price of DOGE has broken through the resistance trendline of a falling wedge pattern initially drawn in March 2024.
Normally, this chart formation leads to a gradual downtrend that oscillates between two lines indicating a convergence of trends. Once the asset gains enough force, it usually breaks through the upper resistance level. At the current moment, Dogecoin’s price is $0.101, attempting to find support from the broken trendline.
If purchasing continues, the post-breakout growth might propel this canine-themed stock by approximately 13.8%, aiming to surpass the resistance at $0.115. Afterward, a potential further increase up to $0.144 could occur.
Furthermore, there was a notable surge in Dogecoin (DOGE) network activity, with approximately 1.93 million transactions processed last week as indicated by Intotheblock data. This is the highest weekly transaction count since early July, suggesting an increase in the use of this cryptocurrency.
The latest surge suggests a revival in network activity, which may potentially boost the Dogecoin price rebound.
Last week saw Dogecoin handle a record-breaking 1.93 million transactions, which is the most significant number of weekly transactions since early July.
Despite not yet reaching its February high, this recent rise in activity is an encouraging indication for the Dogecoin network.
— IntoTheBlock (@intotheblock) September 17, 2024
Additionally, there has been significant buying activity in this meme cryptocurrency by whale investors owning between 1 Million and 10 Million coins, pushing the current value to 10.65 billion DOGE. Such purchases from large holders typically occur during a downtrend, signaling a potential market reversal and fostering a positive market outlook.
Conversely, should the price of Dogecoin dip beneath its downward trendline, the sellers may gain more control, potentially causing the asset to fall towards the support level at $0.091.
For a detailed analysis of DOGE, check out our top meme coin to buy article.
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2024-09-17 23:22