coinpedia.org
Amid the ongoing altcoin recovery triggered by the recent Bitcoin (BTC) price pump above $62k for the first time in September following the first Fed’s rate cut on Wednesday, leading meme coin, Dogecoin (DOGE) has signaled a potential bull up run in the near term.
The large-cap meme coin, with a fully diluted valuation of about $15 billion and a daily average traded volume of around $706 million, gained nearly 3 percent in the past 24 hours to hover above 10 cents on Thursday.
Rising Dogecoin Network Activities
By now it is safe to say that Dogecoin bulls are waiting for the imminent integration with Elon Musk’s backed X platform for the upcoming payment features. Already, Musk has teased that Dogecoin will soon be used for merchandise payments on Tesla and Starlink, which will be a huge boost for the dog-themed meme coin.
Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.
— IntoTheBlock (@intotheblock) September 17, 2024
Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo
According to on-chain data analysis provided by IntoTheBlock, the Dogecoin network processed more than 1.93 million transactions last week, the highest level since July. As a result, the Proof-of-Work (PoS) secured blockchain has so far processed more than 350 million transitions since its inception.
Furthermore, the Dogecoin network takes pride in more than 7.4 million on-chain holders.
What’s Next for DOGE Price
$DOGE weekly chart with 100 week SMA shown here, which continues to show market symmetry for the 3rd time in a row
— Cantonese Cat 🐱🐈 (@cantonmeow) September 18, 2024
I'm still trying to buy $DOGE at these prices pic.twitter.com/SGGfHbOCf0
Dogecoin price has been forming a similar fractal pattern with the previous major bull cycles. In the weekly chart, the DOGE price against the US dollar has been retesting the 100 SMA as a robust support level, which could lead to a major bull run ahead.
Despite the death-cross in the daily time frame between the 50 and 200 Moving Averages (MAs), the DOGE price has been forming a reversal pattern. Furthermore, the altcoin has established a robust support level around $0.094, whereby a potential triple bottom coupled with rising divergence on the Relative Strength Index (RSI) signals a major uproar in the near term.