CandleFocus Dogecoin (DOGE) Active Addresses Soar to Record High, Yet $1 Still Out of Reach
2024-12-09
Author: Content Editor
The number of active addresses on the Dogecoin (DOGE) network has reached a new all-time high after the meme coin experienced a significant price increase. This has led to speculation that DOGE could reach $1 in the short term. However, an on-chain analysis suggests that this may not happen as quickly as expected. While the increase in active addresses indicates user interaction with the cryptocurrency, the volume of DOGE has dropped, indicating a decrease in broader interest. From a technical perspective, DOGE's price has dropped below the 20-period Exponential Moving Average (EMA), suggesting a bearish trend. The Fibonacci retracement indicator predicts a possible decline to $0.42. However, if DOGE rises above the EMA, the trend could change, potentially pushing the price closer to $1.
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