Is Dogecoin Dead? Key Indicators Suggest Upcoming Bull Run
Elena R19 Sept 20242 min read
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.
Dogecoin, with a fully diluted market valuation of approximately $15 billion and a daily trading volume averaging $706 million, climbed nearly 3% over the past 24 hours, holding steady above 10 cents as of Thursday.
Could Musk Boost DOGE?
It’s now clear that Dogecoin bulls are anticipating the coin’s integration into Elon Musk’s X platform, with payment features on the horizon. Musk has already hinted that Dogecoin will soon be used for payments on Tesla and Starlink merchandise, a development that could significantly boost the meme coin’s adoption.
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 (PoW) 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.
DOGE Technical Analysis
Dogecoin’s price chart reveals a familiar fractal pattern seen during previous bull cycles. On the weekly chart, DOGE has been retesting the 100 SMA as a strong support level, potentially paving the way for a significant rally.
Despite a death-cross formation on the daily chart—where the 50-day and 200-day Moving Averages (MAs) intersect—the price is forming a reversal pattern. With solid support around $0.094 and rising divergence in the Relative Strength Index (RSI), technical indicators point to a potential bullish breakout in the near term.
Also Check Out: Must Buy Memecoins For 3X – 5X Surge In Q4!
The future of Dogecoin is looking brighter than ever. We’re excited; are you?
