Dogecoin's recent increase in activity is observed as long-dormant coins have begun moving following a price dip of 19% from a peak of $0.48 on December 6. The move of these coins indicates a potential rebound.
The mean dollar invested age (MDIA) of Dogecoins has dropped to 370 days, suggesting these coins have become 31% younger. This trend shows dormancy is ending as coins are re-entering circulation.
The decline in MDIA indicates positive network activity, seen as a bullish signal in historical market patterns. The positive funding rate of 0.003% further underscores this outlook by showing that traders betting on price increases are predominant.
DOGE is trading above its Super Trend indicator at $0.34, signaling a possible price recovery towards its three-year high. However, if bullish support wavers, prices could fall to $0.31.
Overall, these indicators show Dogecoin has underlying potential for price growth, aligning with past bullish market movements.
