Is Dogecoin dead? Recent surge portends big gains for Dogecoin price!
With Bitcoin (BTC) price breaking above $62,000 for the first time in September after the Federal Reserve’s first rate cut on Wednesday, sparking a sustained recovery in altcoins, leading meme coin Dogecoin (DOGE) has signaled a possible bull run in the near term.
With a fully diluted valuation of around $15 billion and average daily trading volume of around $706 million, the large meme coin is up nearly 3% in the past 24 hours, hovering above 10 cents on Thursday.
The price of Dogecoin has been forming fractal patterns similar to those of previous major bull cycles. On the weekly chart, the price of Dogecoin against the US dollar has been retesting the 100 SMA as a strong support level, which could lead to a major bull run in the future.
It is safe to say now that Dogecoin supporters are waiting for the upcoming integration with the Elon Musk-backed X platform for its upcoming payment features. Musk has revealed that Dogecoin will soon be used to pay for goods on Tesla and Starlink, which will provide a major boost to the dog-themed meme coin.
According to on-chain data analysis provided by IntoTheBlock, the Dogecoin network processed over 1.93 million transactions last week, the highest level since July. As a result, the proof-of-work (PoW)-secured blockchain has processed over 350 million transactions since its inception.
Despite a death cross between the 50 and 200 moving averages (MA) on the daily timeframe, DOGE price has formed a reversal pattern.
In addition, the altcoin has established strong support around $0.094, and a potential triple bottom coupled with a rising divergence on the relative strength index (RSI) portends significant volatility in the near term.
