Dogecoin Sees 32% Spike in Daily Active Addresses, Price Action to Follow?

According to IntoTheBlock, Dogecoin (DOGE) has seen a 32% increase in daily active addresses over the past 24 hours.

Daily active addresses refer to the number of unique addresses that have made one or more transactions on the chain in a single day, and that figure for DOGE has reached just over 55,400.

Daily active addresses are a valuable metric for tracking network activity over time. Typically, an increase in these addresses indicates a higher degree of blockchain usage, while a decrease indicates a reduced demand on the network.

There is often a correlation between daily active addresses and price movements, making it a potential leading indicator of price action.

Dogecoin’s price has been rising since Friday, recovering after a three-day decline. At the time of writing, DOGE is up 3.33% in the last 24 hours, trading at $0.1022.

If this bullish momentum continues, buyers may look to push the Dogecoin price above the daily SMA 50 at $0.115. Breaking this level could potentially push the price further towards the daily SMA 200 at $0.136, possibly sparking a new uptrend.

Conversely, if price falls below $0.10, it could signal that the bears are trying to take control. The $0.09 level offers minimal support, and if it fails, the next likely support level will be around $0.08.