Crypto News- In a stunning turnaround since its October 9 low, Dogecoin has catapulted, boasting an impressive 54% recovery. The digital currency now stands at a pivotal point, facing a formidable hurdle at the golden ratio level, around $0.0815. A successful breach of this resistance could propel Dogecoin to surpass its recent peak near $0.0876.
Dogecoin Price Poised for Bullish Surge with 63% of Addresses Now in Profit
Adding to the positive outlook, a golden crossover on the daily chart signals a bullish trend, supported by the Moving Average Convergence Divergence (MACD) histogram displaying increasingly bullish signs. The MACD lines are also poised for a bullish crossover, although the Relative Strength Index (RSI) remains neutral for now. If the golden ratio resistance proves insurmountable, attention shifts to the next significant Fibonacci support at $0.0685.
Majority of Dogecoin Addresses in Profit: A Balanced Market
Around 63% of Dogecoin addresses now find themselves in a profitable position, with their investments exceeding their initial purchase price. In contrast, approximately 21.5% still face losses, holding assets valued lower than acquisition costs. Notably, 15.4% hover at the break-even point, indicating a market where the value matches the initial investment.
Dogecoin Network Growth Signals Sustained Momentum
The Dogecoin network exhibits positive growth, with an average of 4.92 million addresses holding DOGE in the past 30 days, recently surging to 5.02 million. This rise signifies increasing interest and participation in the Dogecoin ecosystem.
Explosive Surge in Network Activity
Over the past week, the Dogecoin network has witnessed an explosive surge in activity. New addresses created soared by approximately 341%, alongside a 150% increase in active addresses. This surge implies heightened transactional activity, suggesting increased engagement from existing users. Notably, addresses with no DOGE balances rose by 45%, indicating potential shifts in user behavior.
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