The double bottom chart pattern makes $0.47 a key breakout level.
Online activity is on the rise: the number of new addresses increased by 102.4% and trading is not stopping.
#Dogecoin [DOGE], forms a convincing double bottom chart pattern, which is often a harbinger of bullish momentum, and is a hot topic of discussion. At the time of publishing, Dogecoin was trading at $0.4043, reflecting a 2.68% drop over the past 24 hours.
However, the recent surge in online activity and strong technical indicators suggest that trader and investor interest is growing and a breakout is imminent.
#DOGE Chart Prediction: Will the $0.47 level be broken?
The double bottom pattern shows a solid support level at $0.37, while the $0.47 resistance line indicates that Dogecoin
So, a break above this resistance will confirm the bullish bias and may lead to a rally above $0.50. Traders are keeping a close eye on this level, and Dogecoin's short-term momentum depends on whether it can break out decisively.
additionally, Dogecoin's on-chain indicators show a sharp increase in online activity. Over the past week, the number of new addresses increased by 102.4% and the number of active addresses increased by 111.32%.
these spikes indicate an influx of new participants into the Dogecoin ecosystem and an increase in activity among existing users.
In addition, the new Zero Balance Addresses, an indicator of wallet creation, increased by a staggering 155.33%, once again confirming Dogecoin's growing popularity. Over the past seven days, an average of 715,859 transactions were made on the network, and the peak was 856,759.
Such stable activity emphasizes the token's usefulness and demand and adds new support to the growing bullish sentiment around Dogecoin.
Moreover, market sentiment seems to support the bullish outlook. Over the past 24 hours, 1.42 million long positions were liquidated compared to 0.
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