The post Dogecoin’s bullish setup: Top reasons why a DOGE rally could be in the works appeared on BitcoinEthereumNews.com.

The double bottom chart pattern positions $0.47 as a critical breakout level. Network activity surges with a 102.4% increase in new addresses and steady transactions. Dogecoin [DOGE] is making headlines as it forms a compelling double bottom chart pattern, often a precursor to bullish momentum. At press time, Dogecoin was trading at $0.4043, reflecting a 2.68% decline in the last 24 hours.  However, its recent surge in network activity and a strong technical setup suggest growing interest among traders and investors, raising the question of whether a breakout is imminent. DOGE chart outlook: Can $0.47 be breached? The double bottom pattern highlights a solid support level at $0.37, while the neckline resistance at $0.47 represents a key hurdle for Dogecoin to overcome.  Therefore, breaking above this resistance could confirm the bullish setup and potentially lead to a rally toward $0.50 or higher. With traders closely monitoring this level, Dogecoin’s short-term momentum hinges on its ability to break out decisively. Source: TradingView New addresses and active wallets surge significantly Additionally, Dogecoin’s on-chain metrics reveal a dramatic rise in network activity. Over the past week, new addresses have increased by 102.4%, while active addresses have surged by 111.32%.  These spikes suggest a wave of new participants entering the Dogecoin ecosystem and heightened engagement from existing users.  Furthermore, zero-balance addresses, an indicator of new wallet creations, have grown by an impressive 155.33%, further solidifying the narrative of increased adoption. Source: IntoTheBlock DOGE transaction volume remains robust Dogecoin’s transaction volume has also seen consistent growth. Over the past seven days, the network has maintained an average of 715.85k transactions, with a peak of 856.75k during this period.  This sustained activity underscores the token’s utility and demand, adding another layer of support to the growing bullish sentiment around Dogecoin. Source: IntoTheBlock Liquidation data highlights optimism…

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Filed under: News - @ December 14, 2024 1:12 am