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Cryptocurrency News Articles
DOGE Records a 2.36% Surge During Wednesday's Trading Session
Mar 13, 2025 at 05:02 am
This uptick follows a lower-than-expected U.S. CPI and Dogecoin's growth in wallet addresses.
The largest meme cryptocurrency, DOGE, records a 2.36% surge during Wednesday’s trading session. This uptick follows a lower-than-expected U.S. CPI and Dogecoin's growth in wallet addresses. As the prevailing market correction takes a halt, this memecoin is poised for a bullish rebound amid the formation of a suitable chart setup.
Dogecoin Price Surged Amid Rising Wallet Addresses
According to on-chain data shared by crypto analyst Ali Martinez, the number of new addresses surged from 16,400 to an impressive 34,600.
The data highlights a sharp upward trajectory in new wallet creations, indicating renewed interest in the popular meme cryptocurrency. This increase suggests growing adoption and network activity, possibly fueled by market speculation, new utility use cases, or an influx of retail investors.
A continued surge in wallet addresses could drive demand pressure in Dogecoin price, reinforcing it’s potential for bullish reversal.
DOGE Seeks Support At Major Accumulation Point
In the last two days, the Dogecoin price has bounced from $0.14 low to $0.69 current trading value, projecting a growth of 18.5%. This uptick in the daily chart sparks a bullish reversal from the support trendline of aa falling channel pattern.
Since mid-December 2024, the chart setup has led a steady downtrend within two falling trendlines actings as dynamic resistance and support.
Historical data shows a bullish reversal within the bottom trendline has repeatedly push the asset price to overhead trendline, typically registering a 48-60% growth. If the pattern holds true, the Dogecoin price could rally 70% up to challenge the overhead resistance.
On the contrary, the downsloping trend in daily EMAs (20, 50, 100, and 200) shows the broader trend is bearish and the anticipated rally could struggle to drive a direction rally.
If market selling pressure persists, the DOGE price could lose channel pattern and drive a prolonged downtrend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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