Amid the ongoing altcoin recovery triggered by the recent Bitcoin (BTC) price pump above $62k for the first time in September following the first Fed’s rate cut on Wednesday, leading meme coin, Dogecoin (DOGE) has signaled a potential bull up run in the near term.
Rising Dogecoin Network Activities
By now it is safe to say that Dogecoin bulls are waiting for the imminent integration with Elon Musk’s backed X platform for the upcoming payment features. Already, Musk has teased that Dogecoin will soon be used for merchandise payments on Tesla and Starlink, which will be a huge boost for the dog-themed meme coin. According to on-chain data analysis provided by IntoTheBlock, the Dogecoin network processed more than 1.93 million transactions last week, the highest level since July. As a result, the Proof-of-Work secured blockchain has so far processed more than 350 million transitions since its inception. Furthermore, the Dogecoin network takes pride in more than 7.4 million on-chain holders.
What’s Next for DOGE Price
Dogecoin price has been forming a similar fractal pattern with the previous major bull cycles. In the weekly chart, the DOGE price against the US dollar has been retesting the 100 SMA as a robust support level, which could lead to a major bull run ahead. Despite the death-cross in the daily time frame between the 50 and 200 Moving Averages (MAs), the DOGE price has been forming a reversal pattern. Furthermore, the altcoin has established a robust support level around $0.094, whereby a potential triple bottom coupled with rising divergence on the Relative Strength Index (RSI) signals a major uproar in the near term.
Thus, amid the crypto market recovery and expectations of integration with Elon Musk's platforms, Dogecoin shows signs of a potential bull run in the near future.
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