As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to keep a keen eye on network activity and its correlation with price action. The surge in daily active addresses for Dogecoin (DOGE) has caught my attention, with a 32% increase in the past 24 hours. This could be a promising sign, as it typically indicates increased blockchain usage and potential price movement.
Based on information from IntoTheBlock, there’s been a 32% increase in daily active users for the Dogecoin (DOGE) platform during the past 24 hours.
Today, we saw a total of 55,444 unique addresses that engaged in at least one on-chain transaction.
Daily active addresses are a useful measure for monitoring network activity over time. In general, increasing daily active addresses indicate increased blockchain usage, and decreasing daily active addresses indicate decreased network demand. Daily active addresses tend to be correlated with price activity. As a result, daily active addresses can often be added as a leading indicator for price action.
It’s also beneficial to observe the proximity between daily price fluctuations and the number of active addresses, as a high correlation suggests that the active addresses might be more likely to follow the crypto asset’s price trend instead of utilizing it independently.
Will Dogecoin price follow?
The price of Dogecoin continued to bounce back, which began over the weekend, following a three-day slide.
Currently, as I’m typing this, Dogecoin has increased by 2.10% over the past 24 hours to reach $0.101. It even peaked at $0.102 during Saturday’s trading. If this upward trend continues, traders could aim to push Dogecoin’s price beyond its daily Simple Moving Average (SMA) 50, currently standing at $0.115. If they manage to do so, Dogecoin might pick up speed and reach the daily SMA 200 at $0.136. Overcoming this moving average could potentially ignite a new upward trend for the price of Dogecoin.
From my analysis perspective, should the price drop under $0.10, it might suggest that the bears are trying to take charge. At $0.09, there’s minimal support, but if this level doesn’t hold, the subsequent resistance is likely to be found at $0.08.
Over the last seven days, an update for Dogecoin Core 1.14.8 has been rolled out. This upgrade brings crucial modifications to the network’s core programming, and it also addresses significant bugs within the networking code in a minor version release.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- EUR ILS PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- OOKI PREDICTION. OOKI cryptocurrency
- LOVELY PREDICTION. LOVELY cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
2024-08-17 17:44