The recent surge in Bitcoin (BTC) prices above $62,000 for the first time in September, following the Federal Reserve’s rate cut on Wednesday, has triggered a recovery in the altcoin market. Amid this recovery, Dogecoin (DOGE), one of the leading meme coins, is showing signs of a potential bull run in the near term. With a fully diluted market valuation of approximately $15 billion and a daily average trading volume around $706 million, Dogecoin has seen a near 3 percent increase in the past 24 hours, maintaining a price above 10 cents as of Thursday.
Rising Dogecoin Network Activities
Dogecoin bulls are eagerly anticipating the integration with Elon Musk’s backed X platform, which is expected to introduce new payment features. Musk has hinted that Dogecoin will soon be accepted for merchandise payments on Tesla and Starlink, offering a significant boost to the meme coin. According to on-chain data analysis by IntoTheBlock, the Dogecoin network processed more than 1.93 million transactions last week, marking the highest weekly transaction count since early July.
While this transaction volume is still below the February peak, the uptick is a promising development for the Dogecoin network. Since its inception, the Proof-of-Work (PoS) secured blockchain has processed over 350 million transactions. Moreover, the Dogecoin network boasts more than 7.4 million on-chain holders, further solidifying its position in the cryptocurrency market.
What’s Next for DOGE Price
Dogecoin’s price charts are forming patterns reminiscent of previous major bull cycles. On the weekly chart, the DOGE price against the US dollar has been consistently retesting the 100 Simple Moving Average (SMA) as a strong support level, indicating the potential for a significant bull run ahead. Although a death-cross has formed in the daily time frame between the 50 and 200 Moving Averages (MAs), the DOGE price is displaying a reversal pattern.
Additionally, Dogecoin has established a solid support level around $0.094. The presence of a potential triple bottom, coupled with rising divergence on the Relative Strength Index (RSI), signals the likelihood of a major price surge in the near term.
