Dogecoin news: Doge uses trampoline effect on important support and is on the road after $ 3
- The number of active dog addresses has doubled from 16,400 to 34,600, although a course jump to $ 3 is not impossible.
- An analyst looks slightly “cruise” to $ 0.6 until April 6th as soon as it rose to $ 0.2 before the approval of the Doge ETF.
Dogecoin (Doge) recovers slightly from $ 1.6 to $ 1.7 after it in the last 24 hours 2,8 % has increased. According to our market data, the asset tries to break through its 30-day high of $ 0.28 and then move towards its annual high of $ 0.48. From this level, Doge could try to break through the all -time high at $ 0.73 before the forecast zone heads for $ 3.
Against the background of these expectations, the trust of investors seems to increase because the Dogecoin network has expanded in recent months. According to the analyst Ali Martinez, the total number of the new Doge addresses has doubled from 16,400 to 34,600. In the meantime, it is reported that the asset has retained a decisive level of support that could determine its next step.
As can be seen from the diagram below, Ali Martinez believes that a successful holding of the course above the current level could lead to the value of $ 0.5 and then $ 3. Fascinatingly, the potential increase was confirmed by the relative strength index (RSI) of the share.
The analysis of the historical data showed that Doge recorded an increase of 88 % and 187 % in October 2023 and February 2024 after the RSI had carried out an interest bully crossover. According to Ali Martinez, a similar movement can be observed on the weekly chart:
“If this support keeps, we could experience a recovery towards the middle or upper limitation of the canal.”
Another analyst sees repetitive patterns at Doge
Another analyst that imagines as a tardigrade has a recurring pattern in the price development of the Doge noted. Based on historical movements, this analyst also pointed out that Doge usually forms a first low when the RSI enters the oversold area. If the RSI value remains in the oversold area for some time, the asset records lower low. In his opinion, Doge could see an explosive increase if the story is repeated.
In response to this interest bully message, the whales accumulate the asset aggressive, since 1.7 billion doge ($ 298 million) was bought within just 72 hours.
According to the analyst lumen, this is a positive signal with regard to the possible approval of the Doge Exchange Traded Fund (ETF). In the meantime, the decision about the Altcoin ETFs was postponed in order to decide on a proposed change of control, as mentioned in our previous short report.
According to its observation, there is a high tendency that the asset reaches $ 0.5 as soon as the price reaches $ 0.2 before the ETF permit. Interestingly, this coincides with our latest analysis, according to which the Doge will reach a course of $ 0.6 by April 6th.
In addition, Lumen believes that Elon Musk from Tesla could resume his usual interest bully attitude towards Doge, “to send the price to the moon” in a recent update, we reported that the head of Cardano, Charles Hoskinson, Elon Musk proposed to make Dogen about the main currency of the social media platform X.
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