The cryptocurrency Dogecoin is showcasing a significant increase in network activity, with active addresses rising by 400% to nearly 395,000.
Increase in Dogecoin Network Activity
According to Santiment data, Dogecoin network's active addresses have surged, reflecting heightened user interest in this cryptocurrency. Despite the negative trends in the crypto market, Dogecoin stands out with increased network activity. Santiment analysts have noted that while the overall market is experiencing suppressed prices, some altcoins like Dogecoin are showing positive momentum due to network and social activity spikes.
Current Dogecoin Price Dynamics
At the time of writing, DOGE's value increased by 2.89% in the last 24 hours to $0.1738, countering the expectations of a 'death cross' observed on its daily chart on March 14. This upward movement was facilitated by a bounce off the $0.14 support level and favorable performance in three of the last four days.
Possible Development Scenarios
If the current rally continues, it may face resistance at the $0.19 level. Breaking and confirming beyond this point could lead to increases to $0.242 and $0.248, representing the 50 and 200 day simple moving averages. Conversely, if Dogecoin's price falls from its current levels, it could drop to $0.10.
The surge in Dogecoin's network activity and the increase in active addresses might help solidify the cryptocurrency's positive trend over the long term, despite temporary price fluctuations.
