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Cryptocurrency News Articles
Dogecoin's (DOGE) 9.3% Weekly Gains Renew Traders' Calls for an Uptrend
Sep 25, 2024 at 09:03 pm
By Shaurya Shubham - IntoTheBlock data shows an increase of 63.5% in large transaction volume and a rise of 8.5% in daily active addresses.
Dogecoin (CRYPTO: DOGE) traders are keeping a close eye on the meme coin after a 9.3% gain over the past week.
A glance at Dogecoin’s 12-hour chart shows the coin is trading within a range and appears poised for a bullish breakout.
However, a closer examination reveals a bearish crossover on the Stochastic RSI, which may indicate a potential short-term correction before the next move.
Dogecoin traders are closely monitoring the coin’s price action after a 9.3% gain over the past week.
The meme coin, which began as a joke in 2013, has seen renewed interest from traders as of late.
Dogecoin’s price has been trading within a range on the 12-hour chart, with a potential bullish breakout in the making.
However, a closer look at the chart reveals a bearish crossover on the Stochastic RSI, which may indicate a potential short-term correction before the next move.
If Dogecoin were to perform as in the first cycle (2017-2018), it would reach $1.55 on Dec. 9 and $7.78 on July 14, 2025.
If the meme coin were to perform as in the previous cycle (2021), it would reach $2.8 on Dec. 9 and $25.8 on March 10, 2025.
Dogecoin co-founder Shibetoshi Nakamoto in an X post clarified that he has not created any cryptocurrency except Dogecoin in 2013 and has not worked on any cryptocurrency since 2014.
IntoTheBlock data shows an increase of 63.5% in large transaction volume and a rise of 8.5% in daily active addresses.
Transactions greater than $100,000 are up from 195 to 299 transactions in a single day.
However, exchange netflows are down by 252.4%.
Coinglass data reports an increase of 1.2% in open interest to $535.14 million.
Dogecoin’s Derivatives Data volume spiked by 25% in the past 24 hours.
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