Dogecoin’s network continues to gain strength as the hashrate climbs to 1.21 PH/s, signaling robust miner confidence. Analysts highlight bullish technical patterns for DOGE, a hidden RSI divergence, pointing toward another major rally
The hashrate chart shows massive network activity in the last month, with the current hashrate standing at 1.21 PH/s.
The patterns in hashrate match consistently high miner participation and sharper, with peaks ranging up to 2 PH/s, which, when combined with an increase in computational power securing the network, represent periods of heightened activity.
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The bottom trend line is visible with the steady rise in Dogecoin’s hashrate over the years, showing evidence of long-term growth and network stability.
Blended and consistent growth improves security and resilience to future attacks and thereby makes it equally attractive for miners and investors alike.
The sustained hashrate levels also indicate the strong push of the miner’s enthusiasm for the profitability and immortality of the Dogecoin’s blockchain.
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Analyst Say DOGE is Ready for Its Next Major Bull Run
Crypto analyst Trader Tardigrade shared a chart showing Dogecoin’s 4HR RSI hidden bullish divergence, indicating more upward momentum ahead.
The hidden bullish divergence occurs when the price creates higher lows while the RSI creates lower lows, which are indicating the underlying strength of a security even in the case of corrections.
Dogecoin’s price in this case follows a gradual rise from previous lows in concert with the RSI falling lower, leading to a divergence that is followed by a continuation of an uptrend.
This is of particular importance as an early indicator of bullish momentum in the form of when DOGE may be gearing up for the next leg up in its ongoing rally.
As an added bonus, the candlestick patterns on the chart occur during periods of consolidation preceding breakout moves that suggest there may be more upside price continuation.
Given buying pressure, the recent price action sets the stage for a test of higher resistance zones if buying pressure holds.
People are beginning to watch and wait for confirmation with an increase in volume to validate the breakout scenario.
Dogecoin Tops Cardano in Google Trends
The Google Trends chart shows how Dogecoin dominates Cardano in online search interest. At major market events, search activity has sharp spikes when it comes to dogecoin evidence that the altcoin is able to snatch attention from the entire global community.
These peaks suggest a total of raised interest in DOGE during market rallies or when key announcements are announced.
Seeing this, Cardano’s search activity also appears steadier and lower, being more consistent and gradual.
The reason for this disparity is that Dogecoin is so good at getting viral attention, driven by social media buzz and big name endorsements.
Dogecoin shows its influence as a culturally important cryptocurrency as well as Cardano’s strategy of audience development rather than as a culturally important cryptocurrency.
Bulls and Bears in a Tug-of-War as DOGE Accumulates
After a big bounce earlier this month, Dogecoin is trading at $0.37795, moving steadily higher. Traders are waiting for a definitive action, and the price is consolidating inside a range.
A consolidation of such magnitude is a period of potential accumulation that could well lead to a breakout upward to higher levels, perhaps landing to the $0.60000 handle.
Currently, the price is right where the 50 SMA is, at $0.37852, playing the role of a critical support. The 100 SMA, meanwhile, is at $0.30255, providing strong underlying support to retain a bullish setup.
The accumulation/distribution trend continues to grow steadily, registering 16B, implying steady accumulation by traders.
Currently, Dogecoin has a trading volume of 36.78M, which is not a sign of a dying market, as the volume sustains steady market participation during the consolidation phase.
This is a balanced tug of war between buyers and sellers, which looks to be building momentum for a breakout in this consistent volume.
At such times, volume spikes can confirm more of an exit from the current consolidation zone above the bull trigger price, thus leaving a bullish target of $0.60000.
On the flipside, dropping volume may indicate a weakening base and a potential sustainability of sideways action.
