Dogecoin (DOGE) has recorded a new all-time high in network hashrate, signaling strong mining expansion, while on-chain volume approaches $800 million. The memecoin is trading at $0.09770 with a slight 24-hour decline, though technical indicators like the RSI and MACD show a mild bullish bias. Analysts note the recovery lacks strong confirmation, leaving the price in a cautious, range-bound state.
Dogecoin is exhibiting a slight bullish bias in early trading despite mixed technical signals. At the time of writing, DOGE is trading at $0.09770, supported by a 24-hour trading volume of $2.08 billion and a market capitalization of $15.24 billion.
On-chain analytics provided by Alphractal reveal the DOGE network hashrate hit an all-time high. The hash rate is approximately 2.9 PH/s, while the on-chain transaction volume stands close to $800 million.
This increase indicates greater mining involvement, partly attributed to Qubic switching its focus from Monero to Dogecoin. Social media engagement about Dogecoin is also increasing in correlation with its price action.
Technically, the Relative Strength Index (RSI) is at 58.03, indicating moderate positive momentum without overbought conditions. The price is trading slightly above short-term moving averages, which are providing support.
The MACD indicator also shows steady improvement, with the histogram positive at 0.00044. This suggests upward momentum is slowly building within the network.
Despite these positive indicators, the recovery attempt lacks strong confirmation from high volume and buy pressure. For now, DOGE remains in a process of waiting, with its future direction dependent on gaining momentum past key resistance levels.
