The cryptocurrency market saw a bullish surge on Tuesday, mainly fueled by speculation surrounding a potential Fed rate cut. Bitcoin took the lead with a 4% spike to $65,500, triggering a recovery trend in various alternative coins. The resurgence also impacted DOGE, which managed to reclaim the psychological $0.1 level, supported by increased network activity. This uptrend positions Dogecoin for further positive movements in the upcoming days.
Recent network activity has been instrumental in propelling Dogecoin towards its $1.4 price target. Despite facing challenges in breaching the $0.091 support in recent market corrections, Dogecoin showcased resilience with a 10.3% surge to $0.11, boosting its market cap to $14.76 billion. Technical analysis revealed a breach of the falling-wedge pattern’s resistance trendline, suggesting potential for further gains.
The current scenario suggests that with sustained buying pressure, Dogecoin could rally by 13.8% to test the $0.115 resistance, paving the way for a push towards $0.144. Notably, the network recorded a surge in transactions, hitting 1.93 million last week, the highest since early July. This surge in activity, coupled with increased accumulation by large holders, paints a positive outlook for Dogecoin’s recovery.
In the event that Dogecoin price dips below the lower trendline, sellers could gain momentum and drive the asset towards the $0.091 support level. For a comprehensive analysis of DOGE, readers can refer to the “top meme coin to buy” article on our website.
The article “Dogecoin Price Eyes $1.4 as 1.93M Transactions Signal Renewed Network Activity,” originally published on CoinGape, delves into the latest developments in the Dogecoin market.