Dogecoin Price Struggles to Hold $0.10 as Network Sees Massive Transaction Surge.
YEREVAN (CoinChapter.com) — Dogecoin’s network is experiencing a significant boost, with a surge in transaction activity raising questions about whether its price can hold above $0.10. Investors and traders closely monitor the meme coin’s next moves, as rallies and pullbacks have marked its recent performance.
Dogecoin (DOGE) Network Processes 1.93 Million Transactions Last Week
The Dogecoin (DOGE) network processed an impressive 1.93 million transactions last week, marking the highest level of activity since early July. IntoTheBlock shared this data on X, showing renewed interest in the meme coin.
The rise in transactions could be a sign that Dogecoin is gaining traction again despite the volatility that has plagued the market in recent months.
Dogecoin Transaction Surge in 2024․ Source: IntoTheBlock
While the network activity is still below the February highs, the recent spike is encouraging for those watching Dogecoin closely. More interactions on the network often signal growing usage and interest, which can help bolster the coin’s price.
Traders hope this increased activity will help DOGE hold its ground above $0.10, a critical price level that could determine its future.
The meme coin benefits from the network effect as the Dogecoin network grows. This economic principle suggests that as more people use a product, its value increases, which may apply to Dogecoin as it sees more transactions and broader usage.
Dogecoin Price Faces Resistance at $0.1029 Amid Market Uncertainty
Dogecoin’s price is currently hovering around $0.1005 after dropping 9% from recent local highs. The meme coin tests a key resistance level at the 4-hour 200 exponential moving average (EMA) of $0.1029, which has become a crucial marker for traders watching short-term price action.
This resistance level is significant because it often signals shifts in market momentum. A close above the 200 EMA could indicate buyers are regaining control, setting up Dogecoin for a possible push to higher targets, such as $0.115. However, failure to break this resistance could lead to further bearish movement, increasing the likelihood of a correction.
DOGE is trading below the 4H 200 EMA. Source: DOGEUSDT chart on TradingView
If DOGE cannot reclaim the 200 EMA, it could face another drop, potentially testing support levels around $0.088. At that point, demand might increase, but bearish pressure could still persist. The next few days will be critical as Dogecoin attempts to maintain its current support levels.
Dogecoin Climbs 2.7%, Reaches $0.1041 Amid Market Optimism
Dogecoin (DOGE) was trading at $0.1041, reflecting a 2.7% increase. The snapshot from CoinGecko illustrates a positive trend, with a notable peak at $0.1054 before stabilizing. The cryptocurrency’s market capitalization stands at approximately $15.21 billion, making it the ninth most valued cryptocurrency.
Dogecoin Price Performance September 2024․ Source: CoinGecko
The market activity indicates robust trading and investor interest, with a 24-hour trading volume of around $707.65 million and a circulating supply of about 145.97 billion DOGE.
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