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Cryptocurrency News Articles
Dogecoin (DOGE) Could Be Primed for a Notable Rally, Technical Outlook Suggests
Oct 02, 2024 at 10:21 pm
Leading meme cryptocurrency Dogecoin (DOGE) could be on the verge of a notable rally based on the technical outlook
Dogecoin (CRYPTO: DOGE) could be gearing up for a substantial rally, according to a prominent trading expert.
What Happened: A potential rally in the meme cryptocurrency coincides with a period of close correlation with the broader market and increased on-chain activity, such as a spike in the number of new addresses.
Regarding growth potential, Dogecoin’s weekly chart shows that the Moving Average Convergence Divergence (MACD) indicator is signaling a potential bullish crossover. If realized, it could lead to a 180% rally, as noted by Ali Martinez in an X post on October 1.
This pattern has historically predicted major upward price movements for DOGE. In one instance, Martinez observed that Dogecoin surged by 90%, and on another occasion, the price went up by 180%.
Both breakouts were preceded by the same MACD pattern that now seems to be forming again, with the meme coin consolidating around the $0.10 range. Therefore, if Dogecoin surges by 180%, the token could trade at $0.29.
In line with the bullish outlook for Dogecoin, a crypto analyst under the pseudonym Lucky noted in an X post on October 1 that the meme token has seen strong price action and technical indicators are hinting at a potential continuation.
He observed that after breaking out of a descending wedge, which had been forming since mid-April, DOGE bounced from key support levels. Fibonacci extension levels also indicated potential price targets around $0.22 and higher.
Dogecoin Sees Spike In On-Chain Activity
Meanwhile, the possibility of Dogecoin surging is further supported by on-chain activity, where Martinez observed a spike in active addresses over the past six months. As of October 2, the figure stood at 84,306, according to data from crypto analytics platform Santiment.
In the same vein, another data set shared by Santiment noted that despite recent declines in interest, whale investors remained largely interested in the token. Notably, 1,203 whale transactions (each over $100,000) were recorded in the lead-up to the September 28 peak, marking the highest level of whale activity since May.
Additionally, 63,689 DOGE addresses moved coins in just three days, the most extended stretch since April 2-4, highlighting significant movement on the network. This could suggest that whales may still be positioning for more upside.
Dogecoin’s Next Price Target
Currently, Dogecoin’s primary price target is to claim the $1 spot, with analysts like Trading Shot suggesting that the meme coin is set for further gains to a potential high of about $2.
Such momentum will indeed require the contribution of the broader market, especially with the possible onset of an altcoin season. At the same time, DOGE could benefit from any bullish sentiment from backers such as Tesla (NASDAQ: TSLA) CEO Elon Musk.
Although Musk’s influence on DOGE seems to have waned, the possible integration of the token in his companies would be a bullish fundamental.
DOGE Price Action: At press time, DOGE was trading at $0.105, dropping over 7% in the last 24 hours. On the weekly chart, the token is down 3%.
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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