Dogecoin DOGE/USD has rebounded from its bearish weekly performance, trading 1.9% higher on the day Friday. If it manages to stay above the 8-cent support level, analysts predict a bullish pattern to play out.
What Happened: Dogecoin, typically buoyed by celebrity endorsements and social media trends, experienced a notable surge in transactions exceeding $100,000. IntoTheBlock data indicates a rise from 154 transactions on Wednesday to 173 transactions on Thursday.
In a significant development, SpaceX has opted to accept Dogecoin as payment for rescheduling the DOGE-1 Mission to the Moon.
Additionally, robust whale activity indicates continued interest, with 100 million DOGE (equivalent to $7.84 million) transferred from an undisclosed wallet to Robinhood, as per data from Whale Alert.
Why It Matters: Despite a poor start to the week, Dogecoin has reversed course, trading 1.8% higher on the day and breaching its resistance level at 8 cents.
Despite the slowdown in the meme coin’s performance, crypto analyst World Of Charts tweeted:
Voicing a similar opinion, a Dogecoin channel Crypto Daily Trade Signals stated, “#Dogecoin could potential breakout if we stay about the $0.081.”
While Dogecoin’s monthly and annual performance has been subdued, positive indicators such as a total of 5.8 million Dogecoin holders and a 1,100% surge in new addresses in the final week of January 2024 have fostered optimism in the network.
Photo via Shutterstock.