Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs?
October 30 2024 - 8:00AM
NEWSBTC
Dogecoin (DOGE) has surged over 39% recently, sparking renewed
euphoria and optimism among traders and investors. Key metrics from
IntoTheBlock reveal that DOGE network activity has spiked multiple
times over the past month, a sign of increased engagement that
suggests the meme coin could be primed for more gains. As
Bitcoin nears its all-time high, the broader crypto market rally is
fueling confidence that DOGE may soon challenge its yearly high of
$0.228. Related Reading: Cardano Might See A Massive Pump Around
November 18 – Analyst Exposes 2020 Similarities The surge in
network activity highlights the growing momentum behind DOGE, as
new and seasoned investors show heightened interest in the coin.
With traders increasingly active, sentiment around Dogecoin has
taken a bullish turn, leading many to anticipate further
upside. As excitement builds and BTC’s performance hints at
continued strength across the market, DOGE’s momentum could see it
set new local highs in the coming weeks. Dogecoin Activity
Supporting Price Action Dogecoin has finally made its move, and
many analysts believe this rally is just beginning. Recent data
from IntoTheBlock reveals a substantial uptick in daily active
addresses on the Dogecoin network, with several notable spikes in
activity over the past month. This increase in network
engagement is often a bullish indicator, signaling rising demand
and optimism among traders. As DOGE now tests a critical supply
level around $0.18, bulls are focused on maintaining momentum to
break through this barrier and ultimately target the yearly high of
$0.228. Analysts suggest that a successful breakout above $0.18
could set the stage for Dogecoin’s next significant rally. However,
if bulls face resistance at this level, a retrace to lower demand
zones could provide the liquidity needed to fuel the next leg
up. Related Reading: GOAT Outpaces PEPE Growing To $900M
Market Cap In 2 Weeks – Details The heightened network activity is
a promising signal for the DOGE community, as it indicates that new
interest is backing price action. With Bitcoin leading the market
higher, Dogecoin could continue to benefit from the current wave of
enthusiasm in crypto, positioning it well to challenge new
highs. For now, DOGE remains one of the coins to watch
closely as it navigates critical resistance, with traders eager to
see if it can ride this wave toward new heights. DOGE Price Action
Signals Strength Dogecoin is trading at $0.172, following a robust
39% surge after rebounding from its daily 200 moving average (MA)
at $0.127. Holding this key indicator as support has signaled
renewed long-term strength, underscoring DOGE’s potential for a
continuing uptrend. Price action remains resilient, with DOGE
holding firmly above the $0.165 level, suggesting that bulls are in
control and could drive higher prices. Despite the strong momentum,
a healthy retrace to $0.165—or even a lower demand level at
$0.15—would support the bullish structure, allowing DOGE to gather
the necessary liquidity for another leg up. Holding these levels
would position DOGE to push toward its next major target: yearly
highs around $0.228. Related Reading: Bitcoin Bears Fear A Short
Squeeze Above $71,000 As Open Interest Rises To $22.6B With bullish
sentiment across the crypto market and DOGE showing solid technical
indicators, many analysts view these price levels as potential
stepping stones for another rally. Traders and investors will
closely watch for signs of strength or a pullback as DOGE prepares
for its next test. Featured image from Dall-E, chart from
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