Dogecoin Sees Surge In Transactions: Is a Massive Breakout on the Horizon?
18 Septembre 2024 - 10:00AM
NEWSBTC
Amid the sluggish price performance, Dogecoin is now seeing a rise
in one of its major metrics. Recently, data from the market
intelligence platform IntoTheBlock revealed that the asset has
recently exhibited a surge in transaction activity. For context, a
rise in a crypto asset’s transaction activity typically indicates
increased use and interest in that asset. In the case of Dogecoin,
this can suggest higher demand, more user engagement, or growing
adoption for DOGE. This heightened activity sometimes
precedes major price movements, signaling potential market
sentiment or liquidity changes. Related Reading: Dogecoin Breaking
Out Of Monthly Downtrend: Can DOGE Reach $12? How High Is Dogecoin
Transaction Rising? According to IntoTheBlock, Dogecoin
processed 1.93 million transactions last week alone. This figure
marks the highest weekly transaction count since early July,
suggesting renewed interest and activity within the Dogecoin
network. Although this rise in transaction activity is still below
the peak observed in February, it indicates a positive trend that
could potentially impact Dogecoin’s market performance.
IntoTheBlock noted, “This uptick is a promising sign for the DOGE
network.” So far, this increased transaction activity seems to have
already translated into a positive price movement for the asset.
Dogecoin has seen a 2.3% increase in the past day, reaching a
trading price of $0.1015. This is a notable rebound compared to its
price earlier this month when DOGE was trading at
$0.09. Interestingly, while the rise in price performance
has also boosted DOGE’s market cap, currently at $14.8
billion, the same can’t be said for the asset’s daily trading
volume. Despite the price increase, DOGE’s daily trading volume has
seen an opposite trend in recent days, plunging from more than $700
million last week to below $500 million. Regardless, the rise in
transaction activity and price suggests a possible shift in market
sentiment toward Dogecoin. This renewed activity could signal a
resurgence in market interest, possibly laying the groundwork for
further price gains shortly. Key Resistance Level to Watch Despite
the ongoing positive indicators, Dogecoin faces a crucial test
ahead. Prominent crypto analyst Ali recently highlighted in a post
on X a key resistance level at $0.11 for Dogecoin, where
approximately 23,400 addresses are holding around 31 billion DOGE.
This level is significant as it represents a considerable
concentration of holders who could potentially impact the asset’s
price movement. Related Reading: Dogecoin (DOGE) Trims Gains, Can
This Key Support Hold Losses? According to Ali’s post, should
Dogecoin break through this resistance, it could open the door for
further upward momentum. However, if it fails to breach this level,
it may indicate a period of consolidation or even a possible
pullback. If you’re anticipating a #Dogecoin breakout, keep in mind
the key resistance level at $0.11, where 23,400 addresses are
holding ~31 billion $DOGE! pic.twitter.com/iAP28te0bl — Ali
(@ali_charts) September 16, 2024 Featured image created with
DALL-E, Chart from TradingView
Dogecoin (COIN:DOGEUSD)
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