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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Dogecoin Sees Surge In Transactions: Is a Massive Breakout on the Horizon?

Samuel Edyme
Samuel Edyme
11 months ago
3 mins read
Dogecoin Sees Surge In Transactions: Is a Massive Breakout on the Horizon?

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Amid the sluggish price performance, Dogecoin is now seeing a rise in one of its major metrics. Recently, data from the market intelligence platform IntoTheBlock revealed that the asset has recently exhibited a surge in transaction activity.

For context, a rise in a crypto asset’s transaction activity typically indicates increased use and interest in that asset. In the case of Dogecoin, this can suggest higher demand, more user engagement, or growing adoption for DOGE.

This heightened activity sometimes precedes major price movements, signaling potential market sentiment or liquidity changes.

Related Reading

Dogecoin Breaking Out Of Monthly Downtrend: Can DOGE Reach $12?

1 year ago

How High Is Dogecoin Transaction Rising?

According to  IntoTheBlock, Dogecoin processed 1.93 million transactions last week alone. This figure marks the highest weekly transaction count since early July, suggesting renewed interest and activity within the Dogecoin network.

Dogecoin rising transaction activity.
Dogecoin is raising transaction activity. | Source: IntoTheBlock

Although this rise in transaction activity is still below the peak observed in February, it indicates a positive trend that could potentially impact Dogecoin’s market performance. IntoTheBlock noted, “This uptick is a promising sign for the DOGE network.”

So far, this increased transaction activity seems to have already translated into a positive price movement for the asset. Dogecoin has seen a 2.3% increase in the past day, reaching a trading price of $0.1015.

Dogecoin (DOGE) price chart on TradingView
DOGE price is moving sideways on the 2-hour chart. Source: DOGE/USDT on TradingView.com

This is a notable rebound compared to its price earlier this month when DOGE was trading at $0.09. Interestingly, while the rise in price performance has also boosted DOGE’s market cap, currently at $14.8 billion, the same can’t be said for the asset’s daily trading volume.

Despite the price increase, DOGE’s daily trading volume has seen an opposite trend in recent days, plunging from more than $700 million last week to below $500 million.

Regardless, the rise in transaction activity and price suggests a possible shift in market sentiment toward Dogecoin. This renewed activity could signal a resurgence in market interest, possibly laying the groundwork for further price gains shortly.

Key Resistance Level to Watch

Despite the ongoing positive indicators, Dogecoin faces a crucial test ahead. Prominent crypto analyst Ali recently highlighted in a post on X a key resistance level at $0.11 for Dogecoin, where approximately 23,400 addresses are holding around 31 billion DOGE.

Dogecoin in/out of the money around price.
Dogecoin in/out of the money around price. | Source: Ali on X

This level is significant as it represents a considerable concentration of holders who could potentially impact the asset’s price movement.

Related Reading

Dogecoin (DOGE) Trims Gains

Dogecoin (DOGE) Trims Gains, Can This Key Support Hold Losses?

1 year ago

According to Ali’s post, should Dogecoin break through this resistance, it could open the door for further upward momentum. However, if it fails to breach this level, it may indicate a period of consolidation or even a possible pullback.

If you’re anticipating a #Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding ~31 billion $DOGE! pic.twitter.com/iAP28te0bl

— Ali (@ali_charts) September 16, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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