Dogecoin (DOGE) is once again under the spotlight as analysts predict a potential 100% surge if a key hurdle is overcome. According to prominent analyst Ali, the popular meme coin is currently facing a significant obstacle at the $0.087 mark, a level laden with technical significance.
On the weekly chart, Dogecoin’s journey is marked by the convergence of the 0.786 Fibonacci retracement level and the overlapping presence of both the 100-week and 200-week Exponential Moving Averages (EMAs). This triple threat of resistance poses a formidable challenge for DOGE, yet breaking through this critical level could unleash a substantial rally, with a bullish target set at $0.14.
As of the latest market data, DOGE is currently trading at $0.080271, showcasing a 2.85% increase in the last 24 hours. The 24-hour trading volume stands at a robust $607 million, reflecting the ongoing interest and activity in the market. Despite the upward movement, DOGE holds the #9 spot on CoinMarketCap, boasting a market capitalization of $11 billion.
Whether DOGE will overcome the hurdle and surge to new heights or face a setback remains uncertain, but the $0.087 level has undeniably become the focal point of attention in the Dogecoin landscape.
Dogecoin Network Processes 1.5M Transactions In 24 Hours
Adding to the dynamics of the Dogecoin narrative is the insight provided by a prominent DOGE developer and community leader known as “Mishaboar.” In a recent X post, Mishaboar highlighted that the Dogecoin network witnessed nearly 1.5 million transactions in the past 24 hours. Notably, a significant portion of this activity is attributed to “dust” transactions, small transactions leveraging Dogecoin’s low fees and dust limits.
Despite the transaction surge, Mishaboar reassured the Dogecoin community that the network is operating smoothly. However, he pointed out a potential side effect of the increased transaction activity—namely, a rapid expansion in the blockchain size. This expansion, occurring over a short period, could elevate resource requirements for node operators, especially those hosted on external platforms.
Mishaboar emphasized the susceptibility of Dogecoin to such increases in resource demands, primarily due to its low block time of approximately one minute. While this might not pose a significant challenge for nodes hosted in personal spaces with cost-effective SSDs, it could lead to abrupt cost escalations for those relying on third-party hosting providers. Moreover, sudden spikes in network traffic may trigger anti-abuse measures from these hosting providers, posing additional challenges for Dogecoin nodes.
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