On Tuesday, the cryptocurrency market experienced a bullish rebound driven by speculation of a potential Fed rate cut. Bitcoin led the charge with a surge of over 4%, reaching $65,500, which ignited a recovery trend in various altcoins. As a result, DOGE also saw renewed momentum, reclaiming the $0.1 psychological level. This recovery aligns with a surge in network activity, positioning the Dogecoin price for further bullish movements in the near future.
Renewed Network Activity Pushes Dogecoin Toward $1.4 Price Target
Over the past two months, the Dogecoin price prediction showcased three failed attempts to breach the $0.091 support in a recent market correction. The long-tail rejection candles at this support highlight the active demand pressure and uplifted the asset 10.3% up to $0.11 with the latest push.
Consequently, the Dogecoin market cap was boosted to $14.76 Billion. The daily chart analysis shows the DOGE price pierced the resistance trendline of a falling-wedge pattern established in March 2024.
Typically, this chart pattern drives a steady correction trend resonating between two converging trend lines before the asset builds sufficient momentum to break the overhead resistance. By the press time, the Dogecoin price traded at $0.101, seeking support from the breached trendline.
With sustained buying, the post-breakout rally could drive this dog-themed 13.8% up to challenge the $0.115 resistance, followed by an extended surge to $0.144.
Moreover, Dogecoin (DOGE) witnessed a significant boost in network activity, processing 1.93 million transactions last week, according to Intotheblock data. This marks the highest weekly transaction count since early July, signaling a resurgence in the cryptocurrency’s usage.
While still below its February peak, the recent uptick indicates the renewed network activity and could positively impact the DOGE price recovery.
Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.
Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo
— IntoTheBlock (@intotheblock) September 17, 2024
Furthermore, this meme cryptocurrency witnessed active accumulation from whale wallets holding 1 Million to 10 Million coins to reach the current value of 10.65 billion DOGE. The buying sphere from large holders is often a market with a downtrend bottoming and spreads a positive market sentiment.
On the other hand, if the Dogecoin price breaks below the lower trendline, the sellers will strengthen their grip and push the asset back to $0.091 support.
For a detailed analysis of DOGE, check out our top meme coin to buy article.
Frequently Asked Questions (FAQs)
Dogecoin’s price is experiencing renewed momentum due to a combination of increased network activity, which saw 1.93 million transactions processed last week, and whale accumulation
Dogecoin has reclaimed the $0.1 psychological level, and if sustained buying continues, it could rally 13.8% to challenge the $0.115 resistance
The active accumulation by whale wallets suggests that investors are confident in a market bottom and are positioning themselves for future gains
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/dogecoin-price-eyes-1-4-1-93m-transactions-renewed-network/
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