According to IntoTheBlock, the number of active addresses for the dog-themed cryptocurrency Dogecoin (DOGE) has grown by 32% in the last 24 hours.
Daily active addresses, that is, addresses that have made one or more transactions in the chain in the past day, amounted to 55,444.
Daily active addresses are a useful metric for monitoring network activity over time. In general, an increase in daily active addresses indicates increased usage of the blockchain, while a decrease in daily active addresses indicates decreased demand on the network. Daily active addresses tend to correlate with price activity. As a result, daily active addresses can often be added as a leading indicator of price action.
It is also worth keeping an eye on how closely daily active addresses and price movements are related, as a strong correlation indicates the likelihood that active addresses are following the price rather than leveraging the crypto asset.
Will Dogecoin Price Change?
Dogecoin price continued its recovery that began on Friday after three consecutive days of declines.
At the time of writing, Dogecoin has risen 2.10% in the last 24 hours to $0.101, having hit an intraday high of $0.102 during Saturday’s trading session.
If the rebound continues, buyers may try to push Dogecoin price above the daily SMA 50 at $0.115. If they succeed, Dogecoin may gain momentum and reach the daily SMA 200 at $0.136. A breakout above the daily moving average may trigger a new uptrend for Dogecoin price.
On the other hand, if the price falls below $0.10, it could mean that the bears are trying to gain control. There is some support at $0.09, but if this level fails to hold, the next stop will likely be support at $0.08.
Last week, Dogecoin Core 1.14.8 was released, which includes important updates to the network code. The minor version release also included important bug fixes in the network code.
