The cryptocurrency market witnessed a surge on Tuesday, driven by speculation surrounding a potential Fed rate cut. Bitcoin led the way with a 4% surge, reaching $65,500 and sparking a recovery across various altcoins. DOGE also gained momentum, reclaiming the $0.1 level. This recovery was supported by increased network activity, setting Dogecoin up for further upward movements.
Recent network activity has propelled Dogecoin closer to its $1.4 price target. After failing to breach the $0.091 support three times in the recent correction, the asset saw a 10.3% lift to $0.11. This pushed Dogecoin’s market cap to $14.76 billion. Analysis of the daily chart revealed a breakthrough of a falling-wedge pattern’s resistance trendline.
The breakout could lead to a 13.8% rise to challenge the $0.115 resistance, with the potential for further gains to $0.144. Increased network activity, indicated by 1.93 million transactions processed last week, hints at a revival in Dogecoin’s usage, positively impacting its price recovery.
Notably, large holders accumulating 1 million to 10 million DOGE coins have influenced the coin’s value to 10.65 billion DOGE. This accumulation often signals a market sentiment shift. In case the Dogecoin price drops below the lower trendline, sellers may push it back towards the $0.091 support.
For in-depth analysis of DOGE, refer to our top meme coin to buy article. This content was originally published on CoinGape.