The Dogecoin price appears poised for a move upwards as it holds firmly above the 200-day exponential moving average (EMA). DOGE is trading at $0.0805 as of 1:00 am ET, down 1.5% over the last 24 hours.

Meanwhile, the Dogecoin blockchain has witnessed a substantial increase in its daily active address (DAA) count over the last seven days, raising hopes about a sustained recovery for DOGE.

Independent trader and analyst Ali said in a post on X, "The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!".

According to data provided by IntoTheBlock, the number of new Doge addresses hit a record-breaking 247,240 on Jan. 29 alone, marking an all-time high.

Dogecoin daily active addresses. Source: IntoTheBlock

In other words, the spike showed more unique Dogecoin addresses interacting with the network.

Interestingly, the rise comes after DOGE's 9% recovery from its Jan. 23 low of around $0.0759. This coincidence could mean two things: Dogecoin users decided to enter the market and/or increased their interaction with the blockchain network anticipating a market recovery.

DOGE price readies for a 24% uptick

Dogecoin's 18% drop from $0.0924 on Jan. 3 was stopped by the 200-day exponential moving average at $0.0769. The price has held above this moving average since then with the 100-day EMA acting as the resistance most of the time.

At the time of writing, the meme coin was fighting resistance from the 100-day EMA at $0.0811. If the price produces a daily candlestick close above this level, it would see DOGE rise to confront resistance from the 50-day EMA at $0.0829.

Breaking this barrier would set the proof-of-work crypto on a path to $0.09 and eventually the psychological level at $0.1. Such a move would represent a 25% ascent from the current level.

DOGE/USD daily chart. Source: TradingView

Dogecoin's positive outlook was supported by the upward movement of the Stochastic RSI. The price strength at 51 suggested that the buyers were returning to the scene.

On the downside, the price faced a stiff supplier congestion zone between $0.0811 and $0.085, where the 50-day and 100-day EMAs were found. Increased overhead pressure from this area would pull the price lower toward the 200-day EMA.

A daily candlestick close below this level would spell doom for DOGE with the major support at $0.070 coming into play.