Dogecoin Network Activity Increases, Will DOGE Hit $0.10?
Dogecoin has experienced wild price swings over the past week, first rising by 22% and then falling by 9%, and the price is currently stable at an important support level. Despite heightened uncertainty in the market, many analysts remain bullish on Dogecoin’s rebound potential, with a significant increase in on-chain trading activity suggesting investor interest is picking up. Last week, Dogecoin’s trading volume reached its highest level since July, demonstrating a stronger network effect. If Dogecoin is able to sustain support at around $0.10 or break through resistance at $0.12, it could extend the bullish trend, otherwise it risks a further pullback.
Dogecoin has experienced significant price swings over the past week, first rising by 22% and then falling by 9%, with the price currently holding at a key support level. Despite the uncertainty faced by the market, many analysts believe that Dogecoin has the potential to rebound, with a significant increase in on-chain transaction activity showing that investor interest is returning. Last week, Dogecoin’s trading volume hit its highest level since July, indicating a stronger network effect. If Dogecoin can hold support at around $0.10 or break through resistance at $0.12, the bullish trend could be extended, otherwise it could risk a further pullback.
Currently trading at $0.1005, it is down 9% from recent local highs. Between Friday and Monday, the price briefly broke above the 4-hour 200 exponential moving average (EMA) at $0.1029 and is currently testing this resistance. This EMA is an important indicator of short-term market strength, and bulls will need to recapture this support level to maintain the market’s upward momentum.
