Dogecoin’s price has faced volatility in recent sessions, with fluctuations between key support and resistance levels. However, recent market trends and on-chain data suggest a potential breakout towards $0.4000. Following a period of struggle, DOGE has shown signs of recovery
Dogecoin wallet addresses surge to record high
Dogecoin’s price movement is gaining attention as key on-chain data suggests growing activity within its network. According to market analysts, the number of Dogecoin wallet addresses reached a new all-time high of 83.48 million, signaling increased participation.
A rising number of wallet addresses typically suggests increased adoption or speculative interest, which could influence price trends. Market Indicators Suggest Potential Reversal
Market indicators suggest a potential reversal
The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on Dogecoin’s daily chart indicate a shift in momentum. The MACD line stands at 0.00111, while the signal line is at -0.01994, with the histogram at -0.02105. These values reflect a bearish trend, but the MACD line is nearing a crossover above the signal line, which could indicate a shift toward positive momentum.
The RSI, currently at 40.37, has recovered from 33.46, moving away from oversold territory. If it continues rising toward 50, it may suggest strengthening buying pressure, potentially leading to an upward move.
Trading data and price levels
According to CoinMarketCap data, Dogecoin is trading at $0.2108, reflecting a 2.42% increase over 24 hours. The market capitalization is at $31.26 billion, with a 24-hour trading volume of $1.73 billion, showing a 14.11% decline. The fully diluted valuation remains at $31.26 billion.
The price chart indicates a movement from $0.2057 to $0.2112, suggesting fluctuations before a breakout. While DOGE faced rejection near $0.2200, a confirmed MACD crossover and RSI above 50 could push the price toward $0.25. If momentum strengthens further, DOGE may test $0.4000 in the coming sessions.
Currently, Dogecoin is the ninth largest cryptocurrency available in the market, it has an unlimited supply. While the trading volume has gone down implying low market activity, the price has gone up meaning there is active buying. In the case where the positive fundamentals persist, the price of the Dogecoin may receive an added boost.
