Crucial Metrics to Watch as Dogecoin (DOGE) Market Analyst Highlights Catalysts for the Next Rally

Prominent market analyst Ali Martinez has highlighted the crucial metrics that would steer another round of Dogecoin rally amid a sideways price trend.

Prominent market analyst Ali Martinez has highlighted the crucial metrics that would steer another round of Dogecoin rally amid a sideways price trend.

As Bitcoin has failed to break back into price discovery, altcoins have looked choppy. The onslaught has not spared meme coin leader Dogecoin, which has recently faced mixed price actions.

Meanwhile, Dogecoin has found support around its current level after rejecting lower prices more than a week back. Data from TradingView shows that the meme coin has ranged between $0.2400 and $0.2700 since then, as market participants await its next course of action.

Notably, analyst Ali Martinez has acknowledged Dogecoin's recent distribution, speculating an imminent tide drift. However, he mentioned catalysts to this course, with one already gaining momentum.

Dogecoin's On-Chain Activities Hold Steady

The price of the leading meme coin has not just slowed down; on-chain activities in the Dogecoin ecosystem have consolidated with it. Martinez highlighted that key on-chain metrics such as daily active addresses, transactions, and whale activities are at a crucial level.

"َدوجكوين بالتوزيع مؤخراً، نتوقع حدوث موجة أخرى قريباً جداً، خاصة مع عودة الحيتان لشراء عملة دوجكوين بكثرة، وحجم التداول والمخاطبات اليومية في مستوى حرج جداً، نتوقع حدوث موجة صعودية قوية قريباً جداً، خاصة مع وجود مؤشر آخر بدأ يكتسب زخماً بالفعل."

Those, commingled with bullish macroeconomics, spurred the meme coin alpha's surge to its December high of $0.4843.

As a result, Martinez has inferred that Dogecoin's next rally depends on those factors. He suggested an uptick in these on-chain metrics would spark another round of upsides for the doggy-themed meme coin.

Meanwhile, one of the metrics has been gaining momentum lately. In a parallel tweet, Martinez highlighted that whales have started accumulating Dogecoin.

The analysis disclosed that after whales bought 750 million DOGE earlier, they acquired another 100 million DOGE 24 hours later. He highlighted that the surge in accumulation indicates investors’ growing demand and confidence in Dogecoin’s long-term prospects.

"الحيتان بدأت شراء عملة دوجكوين بكثرة، بعد شراء 750 مليون دوجكوين بالأمس، قاموا بشراء 100 مليون دوجكوين أخرى اليوم، وبالفعل بدأت موجة أخرى من الارتفاعات اكتسبت زخماً كبيراً في الأيام الأخيرة، خاصة مع ارتفاع مؤشر الطلب الكبير جداً."

Likely Targets Upon Uptrend Resumption

Moreover, Dogecoin has more upside potential. Analysts have predicted that the asset could reach $10 and as high as $23 this cycle. In the meantime, DOGE trades at $0.2534.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.