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Dogecoin signals potential recovery: Will THIS fuel DOGE to $1?
The cryptocurrency market has seen a plethora of price fluctuations in recent times, and Dogecoin (DOGE) is no exception. However, despite the downward trend observed over the past few days, there are hints that suggest a potential recovery may be on the horizon.
A closer look at the 4-hour chart reveals multiple bullish signals that could be indicative of a reversal in DOGE’s price action. The Relative Strength Index (RSI) is currently showing an upward-trending channel, which suggests strengthening momentum despite being deeply entrenched in oversold territory with a reading near 48 at press time.
Furthermore, Dogecoin’s on-chain activity has also shown signs of stabilizing, with daily active addresses and transaction volumes aligning with significant whale movements. This could be interpreted as strong foundational interest from the community, which may prove pivotal in determining DOGE’s trajectory moving forward.
If this stabilization persists or even increases, it might signal a potential bullish reversal that could drive prices towards $1. On the other hand, a decline in these metrics would further emphasize the bearish trend, implying that any attempts at recovery are doomed to fail.
It is essential to note that an uptick in whale transactions accompanied by increased active addresses could be the catalyst for a rally, whereas if this activity level wanes, it may confirm the continued price decline.
Source: ambcrypto.com
