The cryptocurrency market witnessed a bullish rebound on Tuesday as speculation of a potential Fed rate cut drove up prices. Bitcoin surged over 4% to reach $65,500, leading to a recovery trend in various altcoins, including DOGE reclaiming the $0.1 psychological level. This recovery was supported by increased network activity, setting Dogecoin up for further bullish movements in the near future.
With renewed network activity, Dogecoin is pushing towards a $1.4 price target. Despite three failed attempts to breach the $0.091 support in recent market corrections, the asset saw a 10.3% rise to $0.11 with the latest push. This boosted the Dogecoin market cap to $14.76 billion, with the price breaking through a falling-wedge pattern resistance trendline established in March 2024.
The chart suggests that after the breakout, Dogecoin could rise by 13.8% to challenge the $0.115 resistance and potentially surge to $0.144. The increased network activity, with 1.93 million transactions processed last week, shows a resurgence in the cryptocurrency’s usage, which could positively impact its price recovery.
The meme cryptocurrency also saw accumulation from whale wallets, holding 1 million to 10 million coins, contributing to its current value of 10.65 billion DOGE. If Dogecoin’s price falls below the lower trendline, sellers may strengthen their grip and push the asset back to the $0.091 support level.
For more in-depth analysis of DOGE, refer to our article on the top meme coin to buy. The post “Dogecoin Price Eyes $1.4 as 1.93M Transactions Signal Renewed Network Activity” was first published on CoinGape.