Dogecoin’s price rose slightly in the last day, with the popular meme cryptocurrency registering a short-term stability while facing pressure from the larger cryptocurrency market.
Despite the cryptocurrency’s price rising by a few cents in the last day, data on the cryptocurrency market indicate that Dogecoin’s active addresses rose sharply in the last week.
Dogecoin Active Addresses Rise by 176%
Recent analysis shared by market analyst Ali Martinez highlighted a sharp increase in Dogecoin’s active addresses.
According to the data, the number of addresses interacting with the network jumped by 176% in just one week. The data indicate that Dogecoin’s active addresses rose from about 41,557 to over 114,662 in the last week.
Dogecoin was priced at about $0.09575 at the time of reporting, with its trading volume standing at about $1.30 billion and its market capitalization standing at about $16.19 billion. Dogecoin’s market capitalization stands at about 0.67% of the total cryptocurrency market share.
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Dogecoin Price Holds Key $0.09 Support
Although the usage of the network has improved, the price structure still reflects a downtrend, at least over a more significant time frame. The weekly chart is showing lower highs and lower lows, which typically suggests that the selling pressure would continue to persist within the market.
The first area of interest that is being monitored is the price at the $0.09 level, where the price structure is currently showing the nearest support zone. It appears that the price is trying to hold above this zone, and if it does, it could potentially allow Dogecoin to consolidate at these levels.
Analysts have been noting that a major change in direction would require a stronger technical signal to occur. The first major technical signal that would allow the price to move upwards would require the price to close above the $0.14 level over the course of the week.
If the price does manage to close above the zone, the next area of interest would likely be the area at the $0.18 level, where the price structure would encounter another major zone.
If the price does manage to break above the zone, it would likely create the conditions for the price to move towards the area at the $0.25 level, where the price structure was previously showing a major price target.
If the support does not hold, the market would likely experience a move towards the area at the $0.06 level, where the price structure would continue to experience the ongoing downtrend.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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