Dogecoin's price dropped 8%, trading at $0.1085, but MACD indicators suggest a potential rally of up to 180%.
Whale activity remains high, reaching a 4-month peak, signaling potential further price action for Dogecoin.
Dogecoin's active addresses surged to 84,306, the highest in 7 months, reflecting growing interest and network activity.
Dogecoin, the world’s largest meme coin, is currently experiencing a period of selling pressure. The price has dropped by 8% in the last 24 hours, now trading at $0.1085 according to data from coinmarketcap.
Consequently, its market capitalization has slipped below $16 billion. Despite this pullback, some market analysts believe a trend reversal could be imminent. According to on-chain metrics, Dogecoin may be on the verge of a major rally.
Analysts Predict Potential Surge Based on MACD Indicators
Notably, crypto market analyst Ali Martinez has pointed to a bullish trend that could push Dogecoin to new highs. Martinez noted that the Moving Average Convergence Divergence (MACD) indicator is signaling an upward move.
https://twitter.com/ali_charts/status/1841322213024444556
In the past, when Dogecoin had a MACD bullish crossover on the weekly chart, its price surged by 90% and 180%, respectively. If Dogecoin repeats this pattern, it could rise to 20 cents or even 30 cents in the coming weeks. Investors are closely monitoring this potential breakout, which could change the course of the meme coin’s current trajectory.
Whale Activity and Address Surge Support Bullish Outlook
Nevertheless, Dogecoin’s recent price drop has not stopped significant whale activity. On-chain data shows whale transactions are still high, reaching levels not seen in the last four months. This continued activity suggests that large holders may not be finished with Dogecoin yet, despite taking profits during the recent peak.
In addition, Dogecoin has seen a rise in active addresses, with the number hitting 84,306. This increase, the largest in six months, indicates growing interest in the meme coin, which could drive further network activity.
https://twitter.com/ali_charts/status/1841395476957938164
Moreover, Dogecoin’s ecosystem has also been expanding, with ongoing developments aimed at increasing adoption and utility. Projects such as LibDogecoin, GigaWallet, and RadioDoge are designed to enhance Dogecoin’s transaction capabilities and reach.
Hence, these initiatives aim to expand the network’s use in regions with limited connectivity. As these projects evolve, they could play a significant role in supporting the meme coin’s long-term growth and stability.
The post Dogecoin (DOGE) Potential Price Reversal as Whale Activity Intensifies appeared first on Crypto News Land.
