Dogecoin has seen a huge surge in network growth! Will the bulls send DOGE price above $1?
Despite the price of Dogecoin currently remaining in bearish territory, there are bullish signals emerging from the on-chain trend, showing impressive growth which is a bullish indicator for the value of DOGE. Despite massive network activity, Dogecoin’s price is struggling to break through resistance levels. Nonetheless, market analysts are optimistic that the meme coin could soon break out of its bearish territory, especially as the cryptocurrency market begins to rebound, highlighted by Bitcoin approaching the $44,000 mark.
Dogecoin’s adoption rate shows growth
Dogecoin’s recent surge and consolidation near the $0.083 level sparked significant activity among traders, with both buyers and sellers actively liquidating positions to maximize profits. According to Coinglass data, sellers liquidated more than $1.2 million in losses, while buyers also decided to liquidate their positions and lock in profits as DOGE price gains stalled near $0.083. In the last 24 hours, buyers liquidated positions worth approximately $323,000.
Despite this increase in liquidations, hopes are growing that DOGE’s value will recover strongly as on-chain indicators show a surge in network activity. According to data from IntoTheBlock, there has been a massive increase in new addresses for Dogecoin, with growth of around 1,100% observed in the past week. The indicator has surged from a low of 20.7K to a recent high of 247.2K, suggesting a surge in interest in Dogecoin from new cryptocurrency investors. This trend signals momentum that will potentially increase the investor base and strengthen DOGE’s market presence.
Additionally, Dogecoin’s funding rate is experiencing an exponential surge in line with the rapid increase in open interest, which currently stands at $462 million. However, a correction in DOGE price may be near as the outstanding interest-weighted funding rate has soared to a yearly high of 0.0895%. This potential correction could lead traders to accumulate more Dogecoin before it surges to the $0.1 level.
What’s next for DOGE pricing?
The bulls were struggling to keep Dogecoin above the 20-day EMA of $0.08, but although they stepped up their efforts and successfully broke this level, they were unable to sustain any further momentum. Accordingly, sellers strongly defended the $0.083 level.
The current stable trend in moving averages and RSI momentum around the center line suggests a balance in market sentiment. However, DOGE price is stuck in a strong bearish zone. If buyers hold the price above the descending resistance at $0.085, DOGE price could potentially surge to $0.088. This level has been defended aggressively by the Bears in the past, and they will likely attempt to hold it there once again.
However, if buyers break this key resistance, the price could surge to $0.1. On the other hand, an important support level to watch is $0.077. Because a drop could send the meme coin plummeting to $0.07.