Analyst Prediction: Dogecoin’s Price Could Double, As DOGE Active Addresses Spikes
Dogecoin price is currently on a downtrend due to the crypto market being in the red zone, after experiencing a 16% rally the previous week. Dogecoin has not met its holders’ expectations for quite some time. However, there are indications that this may change soon, as crypto analysts have identified a potential event that could lead to a doubling of the DOGE price.
Overview Dogecoin Price
Although Dogecoin is a popular choice among meme coins, its price performance has been disappointing despite support from figures like Elon Musk. While it reached a peak of $0.7376 three years ago, the current DOGE price has dropped by more than 85% since then, trading at $0.1034 at the time of reporting. However, there is hope for a turnaround.
Community support and previous peaks suggest that the meme token could rise again. A popular crypto analyst, Ali Charts, has identified a potential event that could lead to a doubling of the Dogecoin price. Ali referenced two instances where a bullish crossover on the weekly charts resulted in significant gains, with the DOGE price surging by 90% and 180% in these instances.
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Ali forecasts that the same MACD crossover formation could potentially push the meme coin to twice its current price of $0.1034. The Moving Average Convergence Divergence (MACD) is a popular technical indicator that reveals price momentum, and a bullish crossover indicates the beginning of an upward trend.
Technical Indicators for DOGE and Spikes In Active Addresses
Analysts anticipate that Dogecoin might reach the $1 mark, but according to Ali’s analysis, the price could potentially double or more, with an expected price of around $0.2068, last seen in March’s rally. However, there is strong selling pressure, with most indicators suggesting selling sentiments in the 24-hour charts. The Relative Strength Index (RSI) being neutral indicates the continuity of ongoing trends. In another development, Dogecoin saw an increase in address reaching massive 84,306 active addresses, the highest in the past 6 months
The token is seeking support at a specific level, having passed the pivot following the downtrend. If it fails to bounce from this support towards the resistance at another level, the downtrend might continue. However, if it crosses the resistance at a certain level, the DOGE price might initiate an uptrend toward a week’s high.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
