Dogecoin’s price movements in the past month or so have been quite underwhelming as the asset struggles to break through the $0.10 resistance.
However, that could soon change as the interest in its network has picked up while many analysts on X envision a rally in the making.
Rising Number of Transactions
The number of transactions on a certain blockchain depicts the overall interest and usage and hints at investors’ behavior regarding the network and its native token. For Dogecoin, the landscape was quite painful for the past few months as the total number had dropped significantly compared to the yearly peak reached in February.
However, that changed last week. Data from IntoTheBlock shows that the largest blockchain from the meme coin realm processed 1.93 million transactions back then, which was the highest in over three months.
Recall that DOGE’s price was trading well above $0.2 after the network’s record-setting transaction count in February and March this year. Consequently, the rising metric could hint at another upcoming rally for the largest meme coin.
Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.
Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo
— IntoTheBlock (@intotheblock) September 17, 2024
Altseason Triggered by DOGE?
On the topic of DOGE’s price, one of the most popular X analysts (K A L E O) recently posted an update that predicted a sluggish performance in the next few months. Nevertheless, their graph forecasted a massive rally for the meme coin next year, which they categorized as “lit.”
#Dogecoin / $DOGE
Had someone ask me for a Dogecoin update…
Wish it was something sexier, but I still expect it to be rather boring for the next couple of months in the range I talked about in the last post in this thread.
2025 is gonna be lit though. pic.twitter.com/7dYwo0LhhC
— K A L E O (@CryptoKaleo) September 16, 2024
The key resistance to overcome is at $0.11, according to fellow analyst Ali, who mentioned that 23,400 addresses had bought DOGE at that price and currently hold approximately 31 billion. This could trigger potential enhanced selling pressure should they decide to cash out when they break even.
If you’re anticipating a #Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding ~31 billion $DOGE! pic.twitter.com/iAP28te0bl
— Ali (@ali_charts) September 16, 2024
Ted, a crypto analyst with over 120,000 followers, believes the real altseason could start only after a substantial DOGE pump as it did back in 2020/21 and Q4 2023. Their chart shows a similar movement now to the one in 2021, which could lead to a “face-melting” altseason.
$DOGE pump always triggers an Altseason
This happened in 2020-21 and also happened in Q4 2023.
Right now, $DOGE is forming a similar fractal as of 2021.
If the DOGE starts to pump, get ready for a face melting #Altseason pic.twitter.com/FhXyTmm4rt
— Ted (@TedPillows) September 16, 2024