Dogecoin (DOGE), the once whimsical memecoin, continues to surprise. Data suggests DOGE is on track to hit a record 5.2 billion active addresses by profitability, a milestone likely to attract new investors and fuel a price surge.
High Activity Bodes Well for DOGE
The Dogecoin ecosystem is buzzing with activity. Whale transactions and overall volume are up, with DOGE recording over $8.32 billion in volume and a thousand large transactions in the last 24 hours. This on-chain activity is a bullish signal, with IntoTheBlock data showing 75% of addresses currently in profit.
Investor sentiment often hinges on profitability, so a rise in profitable addresses could lead to a more optimistic outlook for DOGE. This is especially promising considering DOGE was recently surpassed by Litecoin (LTC) in terms of transaction processing.
Price Struggles, But Support Remains
Despite its recent gains, DOGE faces headwinds. The memecoin is currently hovering around $0.1189, down 2% in the past day. This suggests difficulty in maintaining momentum. However, DOGE has shown resilience by staying above the crucial 50 EMA (Exponential Moving Average) support level. Maintaining this level is key for continued bullish momentum. Three support levels to watch are $0.119, $0.128, and $0.133.
Can DOGE Reach $0.15?
Breaching key resistance levels will determine if DOGE can reach $0.15. The immediate hurdle is $0.119, acting as a floor to prevent further losses. If DOGE holds this support, it might attempt to break through $0.128. A successful climb above this level could propel DOGE towards $0.133 and potentially even higher. Reaching $0.15 becomes a possibility if this critical resistance is overcome.
Also Read: Shiba Inu Soars 97% With Dogecoin! Will SHIB Price DOUBLE If DOGE Market Cap Moons?
As previously reported, crypto analysts are bullish on DOGE, with some forecasting it to surpass its all-time high and reach $1 by year-end or early next year.
Adding fuel to the fire, DOGE adoption is expanding into real-world use cases. Notably, Venezuelans are turning to DOGE for remittances amidst their economic crisis, potentially setting a precedent for other countries. This increased adoption could further drive up the price of DOGE.
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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