Dogecoin’s Rising Network Activity Suggests Potential Breakout Above $0.47 as Traders Monitor Key Resistance Level
The post Dogecoin’s Rising Network Activity Suggests Potential Breakout Above $0.47 as Traders Monitor Key Resistance Level appeared on BitcoinEthereumNews.com.
Dogecoin’s recent surge in network activity hints at a potential breakout, with critical resistance at $0.47 drawing the attention of traders and investors. The double bottom chart pattern indicates bullish momentum, while a significant increase in new addresses adds to the positive sentiment surrounding DOGE. As noted by market analysts at COINOTAG, “Dogecoin’s on-chain metrics reflect a vibrant ecosystem, poised for potential price movements.” Dogecoin shows bullish potential with a strong network activity surge, aiming for a breakout above $0.47. Will DOGE investors capitalize on this momentum? Will Dogecoin Break Above $0.47? Analyzing the Chart Pattern Dogecoin’s chart reveals the formation of a double bottom pattern, a classic bullish signal in technical analysis. This setup features a well-established support level at $0.37, which has held firm despite market fluctuations. The critical resistance at $0.47 acts as a neckline for this pattern, and the significance of breaking through this level cannot be overstated. A decisive breach above $0.47 would not only confirm the bullish double bottom but could also ignite a rally towards $0.50 and beyond. Investors are closely observing this chart setup, as the outcome may dictate Dogecoin’s short-term price trajectory. Source: TradingView Skyrocketing New Addresses Indicate Fresh Interest Recent on-chain data indicates a remarkable 102.4% increase in new Dogecoin addresses over just one week. This surge points toward heightened interest and potential new investment flowing into the DOGE ecosystem. Moreover, active addresses have also seen a robust increase of 111.32%. These metrics serve as crucial indicators of network engagement, underscoring the growing community around Dogecoin. Additionally, the rise in zero-balance addresses, which have surged by an astonishing 155.33%, further corroborates the narrative of increased adoption among new users eagerly entering the space. Source: IntoTheBlock Transaction Volume: A Strong Foundation for Growth In addition to the surge in new addresses,…
Filed under: News - @ December 14, 2024 1:13 am