Dogecoin saw a massive increase his active addressesAn optimistic prospects for the leading meme coin. Based on this development, the Doge Prize could soon experience a bullish reversal that has rejected the most important support levels.
Dogecoin records 47% spike in active addresses
In X PostThe crypto analyst Ali Martinez explained that Dogecoin’s network activity is picked up. This came when he revealed that Active addresses 47% rose last month and rose from 110,000 to 163,000. This development is optimistic because it points out that more users use the network.
This could help to spark a significant rally in the Dogecoin price, as an increase in active addresses indicates that the benefit of Dogy has increased. Another Onchain metric, which paints a bullish picture for the Meme coin and indicates a reversal, is the increase in new addresses. In another X contribution, Martinez revealed that Dogecoins new addresses have doubled last month and rose from 16,400 to 34,600.
The crypto analyst suggested that the Dotecoin price Could recover soon. He revealed that Doge printed a bullish reversal doji in the weekly diagram. His associated table showed that the most important coin coin was able to reclaim the psychological support of $ 0.2 and collapse to up to $ 0.28.
In another post, Martinez explained that the price of dotecoin remains at an important support level within one Ascending Channel. He noticed that if this support applies, a rebound in the direction of the middle or upper border could be in the game. His associated table showed that the middle border increases Doge at 3 US dollars, while the upper limit increases the Meme coin to just over $ 18.
Doge may have already reached the ground
In an X -Post, Crypto Analyst Dealer Tarderrade suggested that the price for Dogecoin may have already reached the ground. He noted that Doge has followed a certain macrochanal since its foundation, and historically, deviations on the edges of the canal have occurred. However, he added that the front MEM coin stays in the channel this time without deviation, then it has already reached the ground.
In another post, Trader explained Tarderrade that he believes that the price of Dogecoin will outperform the most old coins in the coming months and will continue to provide a bullish view for the Meme coin. In the meantime, Doge has to break over 0.17 US dollars to reverse its current downward trend.
The analyst revealed that a Resistance trend line Sits above the meme coin in the 4-hour table. He added that Dogecoin has to break this trend line, which is currently $ 0.17, to observe a bullish reversal.
At the time of the letter, the price of Dogecoin acts at around $ 0.168, according to 24 hours, so Data From coinmarketcap.
Selected picture of Unsplash, diagram of tradingview.com
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