The cryptocurrency market witnessed a bullish resurgence on Tuesday as rumors of a potential Fed rate cut spurred speculation. Leading the charge was Bitcoin, surging over 4% to hit $65,500, triggering a recovery trend in various altcoins. Consequently, DOGE regained momentum, crossing the $0.1 mark. This recovery coincided with increased network activity, setting the stage for further positive movements in Dogecoin’s price.
In recent months, Dogecoin struggled to surpass the $0.091 support level in a market correction, experiencing three failed attempts. However, a recent push saw the price rise by 10.3% to $0.11, boosting Dogecoin’s market cap to $14.76 billion. The daily chart analysis indicated a breakthrough above the falling-wedge trendline established in March 2024.
The current price of DOGE stands at $0.101, with potential for a 13.8% increase, aiming to challenge the $0.115 resistance before potentially surging to $0.144. Additionally, the network saw a significant increase in transactions, processing 1.93 million transactions last week, signaling renewed activity compared to early July.
The surge in network activity, along with large holders accumulating between 1 million and 10 million DOGE, influencing the total value of 10.65 billion DOGE, indicates positive market sentiment. However, if the price drops below the lower trendline, it may test the $0.091 support level.
For a comprehensive analysis of DOGE, refer to our article on the best meme coins to consider buying. The updated article on Dogecoin’s price forecasting a $1.4 target and renewed network activity was first posted on CoinGape.