Blockchain Dogecoin experienced a surge in network activity, with active addresses reaching a historic high.
According to Santiment, as of October 31, their number is online Dogecoin was less than 1 million. At the moment, this figure has increased sharply, reaching a record 9,52 million active addresses.
This may have been influenced by the fact that the price of DOGE has increased by 30% over the last 107 days, thus reviving hopes of reaching $1.
On December 5, DOGE trading volume exceeded $15 billion, indicating increased trading activity. When combined with rising prices, this usually indicates a strong uptrend, and DOGE did indeed rise to $0,48.
However, trading volume later fell to $6,6 billion, and if this trend continues, Dogecoin may face difficulties in rising to the $1 mark. Moreover, in this situation, difficulties in maintaining above $0,45 cannot be ruled out.
The 4-hour chart of DOGE shows that the price of the meme token has fallen below the 20-period exponential moving average (EMA), a move that typically signals a bear market.
On the other hand, if DOGE manages to rise above the EMA, it could signal a reversal of the current trend. As a result, the price could break the $0,48 level.
