DOGE Shows Signs of a Rebound
Dogecoin is exhibiting signals of potential recovery, supported by stabilizing on-chain activity.
An analysis of the 4-hour DOGE chart has revealed key bullish signals, particularly through the Relative Strength Index (RSI) and price channels.
At the time of writing, RSI stood at 48, indicating that it remains in oversold territory, which often suggests a possible price reversal.
Additionally, the upward RSI trend highlights growing bullish momentum, despite DOGE continuing to trade in a declining price channel.
DOGE also displayed bullish divergence as it retested the upper boundary of its price channel, approaching $0.255.
This critical moment could determine DOGE's next movement:
✅ Breaking above resistance could trigger a rally to $0.27, with a potential return to $0.50 and even $1 by mid-year.
❌ Failing to hold above resistance may result in a drop back to support at $0.24, reinforcing DOGE's volatility.
These key price movements will play a crucial role in shaping DOGE’s trajectory in the coming days.
Dogecoin’s On-Chain Activity Remains Stable
Despite price fluctuations, Dogecoin continues to maintain strong on-chain activity.
✅ Daily active addresses remain at high levels, aligning with significant transaction volumes and whale trades.
✅ In December, a surge in active addresses coincided with a rise in transaction volumes, temporarily fueling a price increase for DOGE.
✅ Whale transactions exceeding $1 million have shown correlations with both price peaks and lows, indicating that these movements heavily influence the market.
At the time of writing, DOGE was trading at $0.252, with strong transaction volumes persisting despite a bearish trend.
If network activity remains high or increases further, it could trigger a bullish reversal, pushing DOGE toward $1.
Conversely, a decline in these key metrics could reinforce the bearish trend, highlighting the critical role of on-chain engagement in determining Dogecoin’s market direction. 🚀
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