Dogecoin (DOGE) is showing signs of recovery as it experiences a surge in its value. After being hit hard by recent market volatility, which propelled the meme coin to touch its recent low at the $0.14 support, it seems to be staging a comeback.

At the same time, on-chain data reveals that Dogecoin network activity is surging. The number of active addresses has skyrocketed by 47% over the past month, increasing from 110,000 to 163,000. This indicates a surge in user engagement and adoption.

This observation was shared by crypto market watcher Ali Martinez, who noted that, as the Stock RSI nears a bullish crossover, Dogecoin could be setting up for a significant rebound. This technical signal suggests that buying momentum is increasing, potentially setting DOGE up for an upward move.

Dogecoin Could Be Setting Up For A Significant Rebound As The Stock RSI Is Nearing A Bullish Crossover- This technical indicator suggests that buying momentum Is increasing, potentially setting up Doge for an upward move. Additionally, on-chain data from Glassnode reveals that the no of active addresses on the Dogecoin chain have soared by 47% in the past month. As of today, the no of active addresses has reached 163k, up from 110k, signaling a surge in user engagement and adoption.