Active Addresses Surge: Is Dogecoin Poised for a Price Rally?
- Dogecoins pric showd stdy growth in Sptmbr, xprincing brkout of 25% bfor rtrcing.
- A surg in ctiv DOGE ddrsss indicts incrsd intrst, with 133,880 usrs notd rcntly.
- Whl ccumultion of ovr 2.07 billion DOGE rflcts confidnc, suggsting potntil pric growth hd.
Dogecoin, th grnddddy of mm coins, hs shown typicl bhvior hd of th nticiptd Uptobr bull, which hs yt to mtriliz. Unlik its usully voltil pric movmnts, th tokn xprincd stdy growth throughout Sptmbr, with only minor corrctions.
In lt Sptmbr, th coin witnssd brkout, pushing its pric up by 25%. Howvr, th momntum ws short-livd, lding to dip tht brought th Dogecoin bck to th $0.11 mrk. As of Octobr 13, th coin is trding t $0.111, hinting t possibl uptrnd in th coming dys.
Rising Dogecoin Addresses Signal Optimism
On ky drivr of optimism for th cryptocurrncy is th surg in ctiv ddrsss. On Octobr 12, crypto nlyst Ali Mrtinz highlightd tht ctiv DOGE ddrsss rchd 133,880, th highst lvl in ight months. This spik rflcts th rnwd intrst in th mm coin, with notbl influx of nw usrs. Th ris in ctiv ddrsss suggsts growing bullish momntum s mor invstors prticipt in th mrkt.
In ddition, short-trm trdrs r incrsingly flocking to th tokn. Ovr th pst wk, round 110,000 trdrs nggd with th coin, surpssing rivl mm cryptocurrncis lik Shib Inu nd Pp. This incrs in trding volum undrscors th coins ppl to trdrs sking quick profits, furthr rinforcing its dominnc in th mm cryptocurrncy spc.
Alongsid this, whl ctivity hs surgd significntly. Lrg holdrs, commonly rfrrd to s whls, hv mssd mor thn 2.07 billion DOGE in just on wk, mrking th lrgst ccumultion sinc Jnury. This indicts growing confidnc mong ths big-mony invstors. Historiclly, priods of hvy whl buying hv oftn ld to mjor pric movmnts, s ths invstors tnd to signl futur mrkt trnds. As on nlyst notd, Whls dont mk such lrg buys unlss thy bliv in futur pric growth.
Dogecoin Breakout Signals 200% Surge Potential
Crypto nlyst Ali Mrtinz hs lso wighd in on th tokns tchnicl lndscp. In n Octobr 6 post, h notd brkout from multi-yr dscnding tringl pttrn, bullish indictor tht oftn prcds pric surgs. Mrtinz pointd out tht, in pst instncs, th coins pric surgd by 200% following similr brkouts. If this pttrn holds, DOGE could ris to $0.2236, lvl lst sn in Dcmbr 2021.
Howvr, trdrs should b cutious, s 60% rtrcmnt hs followd prvious brkouts bfor rsuming upwrd momntum. Th cryptocurrncy hs crossd both th 20-dy nd 50-dy xponntil moving vrgs (EMA), suggsting possibl trnd rvrsl. With th Rltiv Strngth Indx (RSI) t nutrl 53, th mrkt could b on th vrg of brkout s Uptobr pprochs.
Related Readings | Dogecoin Sets Sights on $1.27: Can It Surpass Its 2021 Market High?
Read more: https://www.tronweekly.com/is-dogecoin-poised-for-a-price-rally/
Text source: TronWeekly
