Dogecoin Daily Active Addresses Surge By Over 30%

Dogecoin Active Addresses Surge, Suggesting Increased Blockchain Utilization

The number of daily active addresses for Dogecoin (DOGE) has exceeded 55,400, indicating a significant increase in blockchain usage. This metric is often correlated with price movements, making it a potential indicator of future price action.

Since Friday, DOGE has been on an upward trajectory, reversing a three-day decline. At the time of writing, DOGE has gained 3.33% over the past 24 hours, trading at $0.1022. If the current bullish momentum continues, buyers could potentially push DOGE above the 50-day Simple Moving Average (SMA) of $0.115.

This could trigger further upward movement towards the 200-day SMA at $0.136. Conversely, a drop below $0.10 could signal a shift in control to bears.

Support levels below $0.10 are limited, with the next major support level sitting around $0.08 in the event of a breakdown.