Dogecoin, the dog-themed cryptocurrency, has experienced a significant surge in daily active users, with a 32% increase over the past 24 hours. This rise in active addresses indicates a boost in blockchain usage, which is often correlated with price activity. Therefore, the increase in daily active users could potentially serve as a leading indicator for price movement in Dogecoin.
The price of Dogecoin has been on a rebound recently, following a three-day decline. Currently, it has risen by 2.10% in the last 24 hours, reaching $0.101 and hitting intraday highs of $0.102 during Saturday’s trading session. If this upward trend continues, buyers may aim to push the price above the daily Simple Moving Average (SMA) 50 at $0.115. This could potentially generate momentum and propel Dogecoin towards the daily SMA 200 at $0.136. If the price manages to break above the daily moving average, it might initiate a fresh uptrend for the cryptocurrency.
Conversely, if the price falls below $0.10, it could suggest that bears are attempting to take control. Although there is limited support at $0.09, a failure to hold this level might result in a decline towards the next support at $0.08.
It is important to note that Dogecoin recently released version 1.14.8 of its core, which includes significant updates to the network code. This minor version release also incorporated important bug fixes related to the networking code. These updates and bug fixes could potentially contribute to increased network efficiency and usage, which may further impact the price of Dogecoin in the long term.