|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Dogecoin (DOGE) Price Set for Reversal, Say Analysts
Oct 03, 2024 at 08:30 am
Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news.
Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news. We maintain editorial independence and consider content quality and factual accuracy to be non-negotiable.
Dogecoin (CRYPTO: DOGE) has faced bearish pressure recently, causing its price to drop by almost 11%. However, whale activity and a surge in network transactions offer positive signs for a potential recovery.
These bullish signals have caught investors’ attention, as crucial on-chain metrics suggest that a price reversal could be on the horizon. Moreover, analysts believe these developments could push DOGE’s price higher.
Dogecoin Price Set for Reversal, Say Analysts
Several analysts are keeping a close eye on Dogecoin’s price, anticipating a potential price rebound. Crypto market expert Ali Martinez highlighted the possibility of a bullish rally driven by the MACD indicator.
The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.
A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i
— Ali (@ali_charts) October 2, 2024
According to Martinez, the last two MACD bullish crossovers led to 90% and 180% price surges, respectively. If this pattern were to repeat, Dogecoin could rise to $0.20 or even $0.30. Many investors are watching this critical technical indicator, anticipating a significant upward breakout.
Whale Activity Remains High Despite Price Dip
The price of DOGE is down nearly 11% over the past 24 hours. Despite the depressing outlook, whale activity has increased to a four-month high.
On-chain data from Santiment shows that while whales took some profits recently, they remain highly engaged with Dogecoin.
🐶 Dogecoin has retraced -18% from its top back on Saturday. But on-chain activity indicates that whales may not be done with all the bullish momentum of crypto's top meme coin. Though they took profit just before the top, their activity remains very high on DOGE's network. pic.twitter.com/FsmWJGkSE6
— Santiment (@santimentfeed) October 2, 2024
This sustained interest could drive more positive momentum for the altcoin, making a price rebound likely soon.
Surge in Dogecoin Active Addresses
Another critical sign of Dogecoin’s growing popularity is the sharp rise in DOGE holding on the network. Santiment reported that wallets between 0 and 100 DOGE have 4.77 million addresses.
That’s an increase of 0.33% in the last 30 days, suggesting more new users are holding a small amount of DOGE.
Further, mid-size wallets holding 1,000 to 10,000 DOGE grew by 0.32%, while wallets holding 10k to 100k increased by 0.82%. Larger wallets holding 1 million to 1 billion DOGE rose by 3.03%.
This increase points to growing interest in the memecoin, further supporting the potential for higher network activity.
Crypto analyst Ali revealed on X (formerly Twitter) that the number of new Dogecoin addresses grew by 72% in the past week. According to the X post, 19,630 new addresses were created on Monday alone.
The #Dogecoin network is experiencing significant growth! Over the past week, there's been a 72% increase in new $DOGE addresses, and just yesterday alone, 19,630 new #DOGE addresses were created! pic.twitter.com/5Tj8ZvcxUu
— Ali (@ali_charts) October 1, 2024
This surge suggests that more people are getting involved in Dogecoin and possibly preparing for an upcoming bull rally.
Dogecoin’s Ecosystem Continues to Grow
In addition to price movements and network activity, Dogecoin’s ecosystem is expanding with ongoing projects to boost its utility and adoption. Projects like LibDogecoin, GigaWallet, and RadioDoge are designed to improve Dogecoin’s transaction capabilities.
The Dogecoin Foundation has been working to ensure that these initiatives continue to drive growth, positioning DOGE as a top contender. These developments will likely enhance Dogecoin’s scalability and usability and increase its long-term value.
While the price has pulled back recently, the indicators remain bullish, with many investors anticipating a recovery. If the MACD crossover materializes, Dogecoin could experience significant upward momentum.
Continue Reading on Tech Report
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!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Pepe Unchained (PEPU) and Shiba Shootout (SHIBASHOOT) Make Waves in the Crypto Market, While BlockDAG Rolls Out a Staggering $1M Giveaway
- Oct 03, 2024 at 12:25 pm
- The crypto market is active with traders eyeing promising opportunities. PEPU, a new meme coin, stands out with its Layer-2 blockchain that integrates with Ethereum
-
- Meme Coins Market Heats Up: Pepe Unchained (PEPU) Update, Shiba Shootout Presale, and BlockDAG's $1 Million Giveaway
- Oct 03, 2024 at 12:25 pm
- The crypto market has recently seen a flurry of activity, with traders searching for high-performing cryptos. PEPU, a new meme coin, is capturing attention with its advanced Layer-2 blockchain technology that integrates with Ethereum and supports decentralized applications (dApps).
-
- $DEGEN Token Witnesses a Surge in Activity, Signaling Growing Interest and Possible Market Surge
- Oct 03, 2024 at 12:25 pm
- The decentralized finance (DeFi) token, $DEGEN, has witnessed a significant uptick in activity over the past week, with a sharp increase in the number of active addresses on its network.
-
- BlockDAG Emerges as a Force in the Crypto Landscape, Amassing $78 Million in Presale and Unveiling BDAG50 Bonus Codes
- Oct 03, 2024 at 12:20 pm
- In a landscape punctuated by volatility and comeback stories, BlockDAG stands out with its innovative Layer 1 network that's rapidly becoming a focal point in the crypto world.