Recently, Dogecoin's 6.56% increase against certain market conditions has drawn attention from the crypto community. The currency rose in value from a two-month low to $0.1632.
Global Market Developments and Dogecoin’s Resilience
Recent geopolitical tensions between the US and Iran have led to increased volatility in global markets. Following airstrikes conducted by the US in Iran, the crypto market faced temporary selling pressure. However, Dogecoin recovered more quickly than many leading cryptocurrencies, receiving positive reactions from investors.
Trading Volume and Technical Indicators
Experts indicate that the rally in Dogecoin was particularly supported by the trading volume intensifying during evening hours. A 3.77% price increase within an hour at 22:00 UTC showcased high buying interest. Slight pullbacks and price consolidation have been observed, establishing a new support level slightly above $0.161.
Network Fundamentals and Market Outlook
The transaction volume and active wallet numbers in the Dogecoin network showed an increasing trend over the past week. Many analysts state that network dynamics remain robust and that short-term investor interest continues. Amid ongoing macroeconomic uncertainties, there is a tendency for investors to periodically turn to alternative digital assets.
Thus, Dogecoin's rise is attributed to a combination of factors, including high trading activity and favorable technical indicators. Dogecoin's resilience against market fluctuations and the increased network activity point to potential prospects for short-term actions.
