Dogecoin Price Eyes $0.25 as On-Chain Activity Surges 400% 🚀
Dogecoin sees a massive increase in user activity, hinting at potential price action. The memecoin faces key resistance levels, with indicators signaling a possible recovery.
By Tylt Editorial Team
Dogecoin’s daily active addresses surged 400%, reaching 395,000.
DOGE price hovers near $0.1726, with resistance at $0.20 and $0.25.
RSI and MACD indicators suggest a potential bullish reversal.
Dogecoin has been gaining significant traction as on-chain data reveals a massive 400% surge in daily active addresses. With nearly 395,000 active users participating in transactions, network activity has intensified, indicating renewed interest in the leading memecoin. Despite mixed price movements, DOGE remains a top player in the crypto space, holding a market capitalization of $25.63 billion. The increased trading volume, up 54% to $1.04 billion, suggests heightened buying interest and a potential shift in market sentiment.
The recent rally in network activity comes amid Dogecoin's price consolidation near $0.1726. The price trend has shown rapid fluctuations, recovering some of its daily losses. However, DOGE faces resistance at key levels, preventing a decisive breakout. Market volatility remains high, with traders closely monitoring the price action for signs of a trend reversal.
Technical indicators hint at a potential breakout. Dogecoin continues to struggle with a descending trendline, resisting upward movement despite strong network participation. Analysts suggest that a breakout above this resistance could propel DOGE toward key levels at $0.23, $0.35, and even $0.55. A further push could see DOGE aiming for a high of $0.90. However, failure to break the trendline could result in another downward move before a possible reversal.
The Relative Strength Index (RSI) currently sits at 38.44, placing Dogecoin in oversold territory. Historically, this level has triggered upward movements, hinting at an incoming bounce. Additionally, the MACD indicator signals bullish momentum, with the MACD line nearing a crossover above the signal line. If DOGE gains enough strength, it could push past $0.20, with $0.25 as the next major target. However, if the price fails to sustain upward momentum, support at $0.16 may come into play before another rally attempt.
Overall, Dogecoin’s increased network activity and improving technical outlook suggest a possible market shift. Traders are keeping a close watch on resistance levels and price action as DOGE prepares for its next move.
