- Dogecoin daily transaction value hit an all-time high of $82.54 Billion on May 9th
- Dogecoin’s daily transaction value now stands at $7.57 Billion indicating a 90% drop
- The all-time high in daily transaction value also coincided with DOGE setting an all-time high of $0.74
- The drop in transaction value is in tandem with DOGE’s ongoing correction
- $0.50 is still a possibility for Dogecoin in the month of June
The daily transaction value sent over the Dogecoin (DOGE) network has dropped by 90% since its all-time high of $82.54 billion set on May 9th. At the time of writing, Dogecoin is currently handling $7.57 Billion in daily transaction value as highlighted in the chart below courtesy of Blockchair.
Dogecoin Undergoes a 60% Pullback from All-time High also Set in Early May
The all-time high in daily transaction value for Dogecoin also coincided with DOGE setting an all-time high of $0.74 in early May. With respect to current price action, Dogecoin is defending the $0.30 support zone after a local low of $0.211 set last week when Bitcoin dipped to $30k.
Dogecoin’s current value is a 60% drop from its all-time high with the local low of $0.211 being a 71.4% drop from the same peak value.
$0.50 is Still Possible for Dogecoin in the Month of June
To note is that Dogecoin’s weekly close is only a few hours away with the monthly close being tomorrow, Monday, May 31st. Therefore, the popular meme-coin could undergo some volatility in the next 48 hours that should abate with the new month of June.
In terms of a possible target for the new month, $0.50 still has a slight probability of being retested given that the crypto-verse has now digested the news of China once again banning BTC mining within its territories. At the same time, discussions and plans are being put in place globally to reduce the carbon footprint of crypto mining activities.
From the daily DOGE/USDT chart below, we can observe that the MACD, RSI and MFI are pointing towards a potential reversal for Dogecoin leading into the new month. In terms of resistances, Dogecoin has $0.32, $0.35, $0.38, $0.41, $0.44 and $0.47 ahead of its path towards a retest of $0.50. The 50-day moving average (white) is also a resistance around the aforementioned $0.35 price area.
As with all altcoins such as Dogecoin, the bullish scenario suggested above is hinged on Bitcoin providing the ideal environment for DOGE to thrive. This includes BTC reclaiming the 200-day moving average as support and moving on to $43k and even $50k with the new month.