The Dogecoin project has received significant support from tech billionaire Elon Musk and his unicorn clan.
The price of #Dogecoin (DOGE) is set to soar 50%, fueled by increased activity from whale investors on the blockchain% Coinspeaker
pThe price of Dogecoin (DOGE) is set to soar 50%, fueled by increased activity from whale investors on the blockchain%. The price of Dogecoin (DOGE) will soar by 50%, which will be facilitated by increased activity of whale investors on the chain% Coinspeaker
The popular crypto analyst Ali Martinez believes that the price of Dogecoin in the short term can grow by at least 50%, reaching 16 cents, if it holds at current support levels. In addition, the crypto analyst noted that more than 60,000 addresses have bought more than 36 billion units of Dogecoin at 11 cents, which is a reliable support level.
It seems that Dogecoin is retesting the breakout point of the falling wedge. If this level holds, the price of $DOGE may quickly rebound and head towards $0.16. If Dogecoin breaks the 10-11 cents support range, the probability of further capitulation towards $0.08 will increase significantly.
The Dogecoin network has recently seen significant user growth and currently has over 7.4 million non-zero addresses.
This proof-of-work (PoW) coin is attracting institutional investors looking to enter the #cryptocurrency market through mining.
According to Santiment's analysis of #blockchain data, Dogecoin has seen the highest number of active addresses in the last six months, reaching 84,000 users.
The notable surge in Dogecoin activity on the network is largely attributed to the fact that kite investors are looking to diversify their altcoin investments ahead of the anticipated altcoin season.
In addition, the Doge/BTC pair is currently testing bear market lows coupled with bullish divergence on the weekly Relative Strength Index (RSI).
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