Dogecoin (DOGE) Network Processes 1.93 Million Transactions Last Week, Can It Hold Above $0.10?

Dogecoin's (DOGE) network processed an impressive 1.93 million transactions last week, marking the highest level of activity since early July.

Dogecoin’s network activity surged last week, with a total of 1.93 million transactions processed by the network. This marks the highest level of activity since early July, according to data shared by IntoTheBlock on Monday.

The Dogecoin network activity has seen a significant rise in recent times, despite the volatility that has gripped the market over the last few months. While the network activity is still lower than the highs observed in February, the recent surge is notable and has traders keeping a close eye on Dogecoin’s price.

Increased network activity, especially for a meme coin like Dogecoin, is often linked to greater usage and interest in the coin. This can be a factor in pushing the coin’s price higher, especially for meme coins that are largely community-driven.

As Dogecoin trades at around $0.1005, traders are watching to see if the coin can hold above the $0.10 price level. This critical support level could determine Dogecoin’s next move, with traders speculating on whether the meme coin will continue rallying or if a pullback is imminent.

Dogecoin’s price is currently facing resistance at the 4-hour 200 exponential moving average (EMA) of $0.1029. This resistance level is crucial for traders watching short-term price action, as a close above the 200 EMA could indicate a shift in market momentum.

If Dogecoin manages to close above the 200 EMA, it could set up the meme coin for a possible push to higher targets, such as the next resistance level at $0.115. However, failure to break this resistance could lead to further bearish movement, increasing the likelihood of a correction.

In the event that DOGE fails to reclaim the 200 EMA, the meme coin could be headed for another drop, potentially testing lower support levels around $0.088. At that point, demand might increase, but bearish pressure could still persist. The next few days will be critical as Dogecoin attempts to maintain its current support levels.

Dogecoin was trading at $0.1041, reflecting a 2.7% increase over the last 24 hours. A snapshot from CoinGecko on Monday morning showed a positive trend, with a peak at $0.1054 before stabilizing.

The cryptocurrency was trading in the green, with a 24-hour high of $0.1054 and a low of $0.0994. Dogecoin’s market capitalization stood at approximately $15.21 billion, ranking it as the ninth most valued cryptocurrency by market cap.

The market activity showed a robust trading session, with a 24-hour trading volume of around $707.65 million and a circulating supply of about 145.97 billion DOGE.