- Dogecoin’s daily active addresses surged, signaling strong on-chain activity and growing demand.
- Rising volume and bullish liquidation data indicate continued momentum, despite a slight decline in Open Interest.
As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I have learned to read between the lines when it comes to market trends. And let me tell you, Dogecoin’s recent surge in daily active addresses, volume, and bullish liquidation data has me intrigued, to say the least.
Dogecoin (DOGE) is demonstrating robust indications of breaking free from its descending triangle formation, causing a surge of enthusiasm among investors.
At the current price of $0.127 and experiencing a 4.96% rise over the last 24 hours as reported, Dogecoin (DOGE) is drawing interest from traders.
Nevertheless, the central query persists: could this ongoing bullish trend propel Dogecoin towards the eagerly awaited $1.60 mark?
Surge in daily active addresses and volume
A notable indicator suggesting a possible rise in Dogecoin value is the increase in the number of daily active wallets. In the last 24 hours alone, the count has gone up from 50,124 to 52,211 at the time of reporting.
The increase in network interaction signals a surge in curiosity and involvement from individual as well as institutional investors.
Consequently, the increase in daily active addresses implies a hidden interest that might propel Dogecoin’s value upward.
boosting participation within the network enhanced our faith in the endurance of this ongoing surge.
Additionally, it’s worth noting that the trading activity of Dogecoin has significantly increased, serving as another positive sign. As of the last reporting period, the trade volume spiked to approximately $2.07 billion, representing a 0.35% growth.
As an analyst, I’ve noticed a surge in the trading volume of DOGE, suggesting a rising liquidity and increased investor interest. This trend typically strengthens the foundation for continued growth in its price. Coinciding volume spikes with price upticks usually underscore the robustness of the market rally.
Consequently, as the volume keeps rising, it might serve to boost Dogecoin’s upward trend, potentially pushing its price towards the goal of $1.60.
Cautious signals despite rising volume
As an analyst, I’ve noticed a significant surge in on-chain activity and trading volume, yet the Open Interest has dipped by 2.63% to reach a current figure of $726.26 million.
As a researcher, I’ve noticed a decrease in trading activity which seems to indicate that some traders might be adjusting their portfolios. They could be choosing to realize profits or perhaps taking steps to mitigate the impact of short-term market fluctuations by hedging their positions.
Consequently, even though Dogecoin’s progress seems robust, the decrease in open interest serves as a warning that should be taken into account.
Bullish bias remains
As a researcher examining the latest market data, it’s evident that there’s a strong bullish trend emerging. Specifically, the liquidation of long positions amounted to approximately $728,870, whereas short liquidations only totaled around $189,180.
This disparity shows that although a few traders are cashing out their gains, most continue to be hopeful for even higher price rises.
So, if Dogecoin manages to hold onto its crucial support points, it could keep the positive momentum going, potentially pushing prices up further.
Read Dogecoin [DOGE] Price Prediction 2024-2025
It looks like Dogecoin’s surge is looking optimistic as there’s an increase in daily active users, a boost in trading volume, and positive liquidation figures.
Pay close attention to the falling Open Interest among traders, as this could indicate whether the current trend will continue and potentially drive Dogecoin’s price up to around $1.60.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- USD HKD PREDICTION
2024-09-30 13:12