The number of new Dogecoin addresses surged 1,100%, indicating an imminent price rise?

https://www.ccn.com/analysis/dogecoin...


https://dailycoin.com/dogecoin-soars-...


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This news was published on February 1, 2024, Taiwan time
The title is: The number of new Dogecoin addresses surges by 1100%, indicating an imminent price rise?


Dogecoin (DOGE) has been attracting attention in the cryptocurrency market recently. On the one hand, the number of new DOGE addresses increased by an astonishing 1,100% in one week, reaching 247,240, a record high. This surge in online activity is often seen as a bullish sign in the market, indicating possible price increases. From October 13, 2024, DOGE showed an upward trend, and by December the price had risen from $0.06 to $0.10, achieving an 85% rebound.


However, although social sentiment has turned bullish and the market has optimistic expectations for the future development of Dogecoin, DOGE price fluctuations remain uncertain. Recently, its price failed to break through the $0.10 target and even fell below the key support level of $0.08 within a week, showing the fierce struggle between bulls and bears in the market. Currently, Dogecoin is trading at around $0.079, down 2.7% in the past 24 hours, taking the monthly deficit to 12%.


Expert analysis believes that if DOGE wants to rise above $0.10, it must stabilize above the resistance level of $0.083. If Dogecoin can enter a new bullish phase, its price is expected to rise further and even surpass the December high, which may reach a peak between $0.15 and $0.16. However, if the price falls below $0.075, the market may witness further declines and even fall back to the previous low of $0.057.


In this news, we can analyze the price trend of Dogecoin from the following perspectives:


1. The number of new addresses has surged: The original article pointed out that the number of new addresses for Dogecoin increased by 1,100% in a week, reaching 247,240. This impressive growth is often seen as an important indicator of market activity and participation. In the cryptocurrency space, a large increase in new addresses often heralds the inflow of new funds and the entry of new investors, both of which are key factors in driving price increases.


2. The price has shown signs of rebound: From the original article, we learned that the price of DOGE rose from $0.06 in October 2024 to $0.10 in December, indicating that an 85% price rebound has been achieved in the short term. This price action reflects the market’s positive sentiment toward Dogecoin and investors’ optimistic expectations for its future performance.


3. Key resistance and support levels faced: Although the price faces fluctuations, expert analysis believes that if DOGE wants to continue to rise, it must stabilize above the key resistance level of $0.083. This analysis, based on an assessment of the markets technicals, suggests that a successful breakout of this resistance level would open the way for further gains. At the same time, if the price can hold the support level of $0.075, it will avoid the risk of further decline and provide the basis for a future upward trend.


Overall, Dogecoin’s surge in new addresses and price rebound show increased market activity and investor interest. However, whether its price can continue to rise depends on whether it can stabilize above key resistance levels and hold important support levels. The future direction of the market will depend on whether it can break through technical resistance and avoid falling below support levels. This requires investors to carefully assess risks and pay attention to further market developments. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments of Dogecoin.