- Dogecoin’s daily active addresses surged 400%, signaling rising user activity.
- DOGE price nears key resistance; breakout could push it toward $0.90.
- RSI and MACD indicators hint at a possible recovery for Dogecoin.
The leading memecoin, Dogecoin’s (DOGE) current trading value stands at $0.1726 with a 0.96% rise from its initial 24-hour start price. The trading volume increased by 54% to $1.04 billion while the price trend shows mixed signals. The price has displayed rapid shifts today but has since recouped some of its daily declines. Dogecoin sets itself among the top cryptocurrencies by maintaining its market capitalization at $25.63 billion. The recent market volatility drives DOGE prices to show regular fluctuations in their value.
On-Chain Data Shows a 400% Surge in Activity
On March 15, analyst Ali shared on X that Dogecoin’s daily active addresses surged 400% to nearly 395,000, according to Santiment’s on-chain data. Active network activity has grown because more addresses are becoming active, indicating increased user participation and more transactions. Dogecoin price continues suffering downward pressure since it maintains itself near $0.171 following its sudden price decline.
Source: X
Recent price data shows ongoing descending trends since the previous months but has experienced limited restoration periods. The growing number of users who actively interact with the network might indicate upcoming changes in market behavior. On-chain participation levels have shown a major increase during the beginning of March based on volume metrics which implies traders anticipate a price change.
Possible Breakout as Dogecoin Tests Key Resistance
Dogecoin maintains a declining price trend while resisting upward movement at a descending trendline which persists through unpredictable market conditions. The technical data shows potential signals for breaking through resistance levels. However, the price maintains its range pattern close to the trendline, which points to the potential for a market transformation. According to Crypto General, Following an optimistic breakout, DOGE will encounter different resistance barriers at $0.23, $0.35, and $0.55 before potentials reach $0.90.
A growing wave of momentum might propel DOGE to reach its highest resistance points. The trendline failure would likely trigger another downward movement before DOGE possibly reverses direction.
Technicals Point to a Potential Recovery
Dogecoin indicators RSI and MACD indicate that a change in momentum is imminent. The RSI currently measures 38.44, indicating DOGE is within an oversold area that could trigger an upward price movement. Past bearish divergences on the indicator brought down prices, yet the indicator now shows a bullish reversal potential.
Source: TradingView
The MACD indicator shows bullish trend signals through its movement toward a crossover as the MACD line attempts to surpass the signal line. Market buying strength may cause DOGE to challenge $0.20 resistance and push its price to $0.25. The price has to sustain its upward push for DOGE to climb above $0.20 or else support at $0.16 will become its next stop before another rally attempt. The market will continuously track price fluctuations to validate any potential breakout development.
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