Dogecoin sees a million active wallets – is that enough to trigger a course run to $ 1?
- The acceptance of Dogecoin is growing, as the active addresses and the encouragement of the whales show.
- The fundamental data also continues to have a major impact on Doge and its outbreak potential.
The Dogecoin (Doge) Memecoin has achieved an incredible milestone in user activity. Active addresses that keep more than a million dogen are skyrocketed, paired with a strong accumulation of whales.
Technical charts and on-chain indicators have shown strength that Doge could help to achieve new heights.
Spike with active dog addresses
The Santiment blockchain analysis platform shows a strong increase in active wallets with a dog credit of at least one million. This sudden increase in the number of addresses with a dog balance of one million can indicate a positioning of the dealers, which may lead to positive price activity.
In addition, the total number of active addresses has risen to the highest level in four months. An increase in the number of addresses is generally considered positive because it indicates a robust and growing user base. In a recent update that reported, Onchain-Analyst Ali Martinez pointed out that the number of active Dogecoin addresses rose by 400 % to almost 395,000.
The increase in active Dogecoin addresses has been in the middle of the strong correction in the Memecoin sector in the past two months. The price of Doge fell by over 37 % in the month.
In the middle of the market correction, the cryptoanalyst Trader TARDigrade has an amazing trend in Dogecoin’s weekly chartemphasized. According to the analyst, the Dogecoin Week candle concluded with a doji, a pattern that often signals potential trend reversations.
The analyst has posted a diagram that shows that the trend reversal can lead the price from Doge to $ 1 and beyond. It compared the current cycle with historical patterns, in which a similar DOJI formation of a large Doge rally preceded.
While the current chart formations in Doge have led to growing optimism among the dealers, the price has not yet recovered. At the time of the creation of this article, the Dogecoin Prize has fallen by 2.18 % to $ 0.1685 in the last 24 hours. The daily trade volume also fell by 2.1 % to $ 1.13 billion, which indicates a dwindling market mood.
Cheap Dogecoin trends and forecasts
Regardless of this, the chances of a Doge upward trend remain intact, as long as he keeps the crucial support at $ 0.16. In addition, the data from Coinglass shows that the option trade volume has increased by 31 % to over $ 96 billion.
The positive development around the Dogecoin Exchange-Traded Fund (ETF) could also serve as an additional catalyst for further swing. As described in our latest publication, the NYSE Arca submitted a 19b-4 application at the US stock exchange supervision SEC to write down and act a Bitwise Doge ETF.
In an earlier article, we discussed that some analysts believe that a Dogecoin ETF approval could trigger a rally up to $ 10. In a modest forecast, analyst Ali Martinez said that a successful stopping over the current price could increase dog to $ 0.5 and then increase to $ 3.
It is important to note that Dogecoin may need a thrust from the entire cryptom market to support the upward trend.
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