The recent data from IntoTheBlock indicates that Dogecoin’s network activity has experienced a significant decline over the past week, even as the price of the cryptocurrency has been rising sharply.

To assess whether this trend is indicative of a bullish or bearish market sentiment, the analysis relies on blockchain data and insights provided by IntoTheBlock, a valuable crypto tool that specializes in extracting and analyzing data directly from blockchain networks.

Dogecoin’s Dilemma: Facing a Price Correction or Poised for 30% Gain?

The current state of Dogecoin (DOGE) in the daily chart exhibits a strongly bullish trend. The cryptocurrency has successfully surpassed the golden ratio resistance near $0.082, reaching a new high. This achievement effectively concludes the previous corrective phase. Dogecoin is now encountering the next significant Fibonacci resistance level around $0.093.

Should Dogecoin break through this resistance, there is potential for an additional 30% increase in price, targeting the golden ratio level at approximately $0.12. Supporting this bullish outlook, the Moving Average Convergence Divergence (MACD) histogram is trending upwards, and the MACD lines are in a bullish crossover.

Furthermore, the Exponential Moving Averages (EMAs) display a golden crossover, reinforcing the bullish trend in the short to medium term. However, the Relative Strength Index (RSI) is indicating a bearish divergence, which might lead to a corrective price movement in the near future.

If a correction in DOGE’s price occurs, the next significant Fibonacci support levels are anticipated at around $0.078 and $0.07, respectively.

Over 60% of Dogecoin Addres
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Author: Ryan James

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