The cryptocurrency market is buzzing with excitement as altcoins begin to recover following Bitcoin’s (BTC) breakthrough above $62,000 for the first time in September. This surge came after the Federal Reserve implemented its first rate cut on Wednesday, sending shockwaves across the crypto world. One standout among the altcoins is Dogecoin (DOGE), the leading meme coin, which has shown signs of a potential bull run in the near term.
In the past 24 hours, Dogecoin has gained nearly 3%, with its price rising above 10 cents. With a fully diluted valuation of approximately $15 billion and a daily trading volume of around $706 million, DOGE is once again capturing the attention of both retail and institutional investors.
Rising Dogecoin Network Activities
A significant factor driving optimism around Dogecoin is its increasing network activity. According to on-chain data from IntoTheBlock, the Dogecoin network processed over 1.93 million transactions last week, marking its highest activity level since July. This rise in transactions brings the total number of transactions processed by Dogecoin’s Proof-of-Work (PoS) blockchain to over 350 million since its inception.
The coin’s network also boasts an impressive number of over 7.4 million on-chain holders, further solidifying its status as one of the most widely held cryptocurrencies in the market.
Elon Musk’s X Platform – A Potential Game-Changer for DOGE
Dogecoin bulls are also eagerly anticipating its integration into Elon Musk’s X platform, where the meme coin is expected to be utilized for upcoming payment features. Musk has already hinted at the possibility of Dogecoin being used for merchandise payments on Tesla and Starlink, a development that could propel DOGE to new heights. Musk’s support for Dogecoin has been a key driver of its success, and any integration with the X platform could prove to be a massive catalyst for the coin’s price.
DOGE Price Outlook – Bullish Signals on the Horizon
From a technical perspective, Dogecoin’s price is forming patterns reminiscent of its previous major bull cycles. On the weekly chart, DOGE has been retesting the 100 Simple Moving Average (SMA) as a key support level. Historically, this has been a strong indicator of a potential bull run, and analysts are closely watching to see if DOGE can break through key resistance levels.
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While a death-cross has appeared on the daily chart between the 50 and 200 Moving Averages (MAs), a reversal pattern is emerging, indicating that Dogecoin may be poised for a significant upward move. The coin has established solid support around the $0.094 mark, and the formation of a potential triple bottom, combined with rising divergence on the Relative Strength Index (RSI), suggests a major price spike could be on the horizon.
Dogecoin’s recent price movements, combined with its growing network activity and potential integration with Elon Musk’s X platform, signal a strong bullish case for the meme coin. As the broader altcoin market recovers, Dogecoin could be among the top beneficiaries, making it a coin to watch in the coming weeks. With solid support levels and bullish technical indicators aligning, DOGE could be on the verge of a breakout, setting the stage for a potential bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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