- Dogecoin claimed a new all-time high in freshly created crypto addresses.
- Dogecoin’s heatmap and combined order book point to trader indecision.
- The surge in activity flips DOGE’s on-chain metric to bullish, and the price stagnates.
Dogecoin (DOGE) is back in the cryptosphere’s limelight with an all-time high of newly registered cryptocurrency wallet addresses per day. A staggering 247,240 new wallets were created on January 29, 2024, signaling a 1095% increase in this metric.
Following the wave of new traders embarking on their crypto journey with Dogecoin, the largest Proof Of Work (PoW) blockchain saw a tremendous network expansion. Thus, the main on-chain signals have turned bullish for DOGE, flashing a 0.83% upswing in net network growth and a 1.63% increase in DOGE custodians making a profit at this price.
Dogecoin’s latest price movement has raised eyebrows among crypto traders on X, as Dogecoin failed twice to reach the goal of $0.10 in the last 30 days. As if that wasn’t enough, DOGE conceded another price drop on Wednesday, sending the top dog coin below the $0.08 key support levels.
Towering Interest Doesn’t Scare Away the Bears
On Wednesday, Dogecoin slid below $0.08 despite the remarkable achievements in network activity and new utility cases. While numerous new wallets are created daily, the combined order book data points to the continuing battle between crypto bears and bulls.
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Interestingly, the current ask outweighs the bids by $108 million, even though the market bids have increased by 155% in the last 24 hours and now encompass $355 million in the combined order book. With $463 million in asks, the current price range puts 51% of DOGE custodians at a profit or break even, which could add extra selling pressure for the top dog coin.
For DOGE to climb back to the goal of $0.10 and above, DOGE would have to establish itself above the $0.083 resistance level. According to HyBlock Capital, Dogecoin had witnessed massive liquidation in the aforementioned area, which could serve as the confluent resistance going further up.
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At press time, Dogecoin is changing hands at $0.079, according to CoinGecko. Sliding down further by 2.7% in the last 24 hours, DOGE now has to come to terms with the 12% monthly deficit despite several new utility opportunities.
On the Flipside
- Besides the technical analysis, Dogecoin (DOGE) has been known to react to social hype and new utility cases.
Why This Matters
Dogecoin has a vibrant and proactive community, while new crypto enthusiasts joining the DOGE Army could help the veteran altcoin jump back into the TOP 10 by global market cap.
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