Last week, Dogecoin processed 1.93 million transactions, marking the highest weekly transaction volume since early July.
While still trailing behind the peak activity in February, this recent uptick suggests growing momentum for the $DOGE network.
Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.
Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo
— IntoTheBlock (@intotheblock) September 17, 2024
One analyst on X pointed out that Dogecoin is just a few weeks away from completing its first golden cross in over four years.
A golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a bullish trend. Should the crypto market enter a true bull cycle, the analyst predicts three potential price targets for Dogecoin:
– $0.93 for a strong performance
– $2.27 for a significant outperformance
– $3.80 for astronomical gains
Nothing has changed. #Dogecoin is a few green weeks away from completing its first golden cross in over 4 years. If we get a true bull this cycle then my price targets are .93 cents (Good performance) – $2.27 (Huge out performance) – $3.80 (Astronomical performance). All is… pic.twitter.com/WIQUyUiqlh
— Kevin (@Kev_Capital_TA) September 17, 2024
Traders Look Out For Dogecoin Key Resistance At $0.11 Level
Despite the optimism surrounding a potential breakout, traders should be aware of a key resistance level at $0.11. At this price point, around 23,400 addresses are collectively holding approximately 31 billion $DOGE. Overcoming this level will be critical if Dogecoin hopes to achieve any of the projected price targets.
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
With transaction activity on the rise and the prospect of a golden cross looming, Dogecoin’s market sentiment is showing signs of improvement. However, its ability to break through key resistance levels will ultimately determine whether these price predictions come to fruition. As always, investors should remain cautious, especially with volatile assets like Dogecoin, where sudden market shifts can drastically impact performance.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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