DOGE Price Chart Suggest Near-Term Reversal During Historic Low

The DOGE price charts suggest that the DOGE/BTC pair could be facing a near-term reversal as the price continued to go into new lows for a couple of months now. In the latest Dogecoin news, we take a closer look at the price charts.

After the security concerns about the potential 51% attack back in 2014, the creator of Litecoin Charlie Lee proposed a new mining solution for DOGE and LTC. The merged mining method allows the cryptocurrencies that have the same consensus algorithm to be mined at the same time. After LTC had its block reward halving in August, DOGE’s hash rate also declined. DOGE transactions per day ranged between 20,000 and 50,000 since 2017 while over the year, the altcoin had more transactions per day than Monero, Zcash, and Dash. The average transaction values dropped since 2019 but remained above the historical levels.

Back in 2019, according to the DOGE price charts, it reached a new high of $3.27 billion in on-chain daily transaction volume which surpassed all other coins with the exception of Bitcoin. The transaction fees are currently $0.00348 and were lower than BTC, LTC, BCH, DASH, ZEC, and XMR.  The 30-day Kalichkin network value to on-chain daily transaction ratio is now 90 and rising. The NVT below 30 indicates an organic and sustained bull market condition as the inflection points in NVT can be leading indicators of the utility and economic activity which can be seen as a huge bearish price indicator.

The active addresses are important to consider when we are determining the fundamental value of the network based on the Metcalfe Law. The monthly active addr4sses are now 50,000 which is above the historic norm but down from the previous high of 93,000. The growing number of active addresses per month suggests bullish price action and DOGE has more than Zcash, Bitcoin Cash, and Ripple.  Looking at the developer activity, DOGE had very little developer activity over the past few years and there were even seven repos and eight commits on the GitHub repo in 2019.

 

According to the Dogecoin developers, the work is not done on the master branch so the commits are not visible. Dogecoin Core v.1.14.2 was released via a soft fork in 2019 and 2018. However, in 2019 saw nine releases and the Dogecoin v.1.17 is a work in progress. The most recent protocol upgrade brought improved network propagation performance and speed which led to shorter sync and initial block download time.