Dogecoin is once again in the spotlight, hitting its highest weekly transaction count since early July with a staggering 1.93 million transactions.
This surge in activity has fueled market optimism as investors anticipate a potential bullish breakout.
[INTOTHEBLOCK] Dogecoin Hits Highest Weekly Transaction Count Since Early July With 1.93 Million Transactions$DOGE pic.twitter.com/8bExpbBWDQ
— BecauseBitcoin.com (@BecauseBitcoin) September 19, 2024
Traders are keeping a close eye on two key signals that could indicate $DOGE is ready to break out. First, the Relative Strength Index (RSI) is approaching a critical point where it could break the descending trendline on the daily chart. Second, all eyes are on the $0.11 resistance level. If Dogecoin can surge past this barrier, it could signal the start of a major upward trend.
#Dogecoin is gearing up for a bullish breakout! Watch for two key signals:
⭕️First, RSI breaking the descending trendline on the daily chart.
⭕️And second, $DOGE surging past the $0.11 resistance! pic.twitter.com/7i1QMXNi3F— Ali (@ali_charts) September 19, 2024
Dogecoin May See Another Significant Rally Coming Up
Looking at Dogecoin’s historical cycles, there’s reason to believe another significant rally is on the horizon. In the first cycle, which began after a rate cut on March 17, 2017, Dogecoin’s price exploded by 9,000%. The second cycle, triggered by a rate cut on September 18, 2020, saw an even bigger surge of 30,000% after a brief period of sideways movement.
$DOGE $10+ DOGECOIN?!
In this weekly chart, I’ve marked each first rate cut in every Dogecoin cycle with a vertical blue line. In the first cycle, there was a rate cut on March 17th, 2017, and #DOGECOIN’s price skyrocketed by 9,000%. In the second cycle, a rate cut occurred on… pic.twitter.com/Dl9D2QDrk5
— Ðima James Potts (@DimaPotts36) September 18, 2024
Now, Dogecoin is entering its third cycle, with a rate cut taking place today. Based on the patterns of the previous two cycles, many are expecting similar results, with $DOGE’s price potentially trending upward as we move into 2025.
As transaction volumes rise and technical indicators point to a bullish breakout, the market is bracing for another explosive rally. If history repeats itself, Dogecoin could once again deliver massive returns, making it a key asset to watch in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch
