Dogecoin Network Activity Soars with Over 84K New Addresses, Price To Rally?
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Dogecoin (DOGE) has recently experienced a significant surge in network activity, with over 84,306 new active addresses—the highest number in the past six months. This increase comes amid rising whale activity and growing interest in the meme cryptocurrency, despite a recent price correction. As technical indicators suggest potential bullish momentum, some analysts anticipate that Dogecoin could be preparing for another major price rally. Source: Ali X Historical Breakout Patterns Suggest Major Gains Ahead A recent comparison of Dogecoin’s performance during different market cycles suggests that the cryptocurrency may be on the verge of a significant breakout. Historically, when Dogecoin breaks above a key resistance level, often referred to as the “white line,” and closes the week above it, the price tends to surge parabolically. Last Sunday, a breakout confirmation occurred, suggesting that an upward trend could begin soon. $DOGE $10+ DOGECOIN?! This image provides a weekly side-by-side comparison of Dogecoin’s breakout in each market cycle. Historically, whenever #DOGECOIN breaks above the white line and closes the week above it, a significant parabolic surge follows. This breakout confirmation… pic.twitter.com/GDuTHVtwCD — Ðima James Potts (@DimaPotts36) September 30, 2024 Previous cycles have seen substantial price increases. In Cycle 1, Dogecoin gained over 9,363% after crossing a critical threshold where the red and green lines intersected. Cycle 2 saw even more impressive gains, with a 29,626% surge. With Cycle 3 now underway, expectations are high for even greater returns. Factors contributing to this optimism include growing adoption of Dogecoin for transactions, its lower price point compared to other major cryptocurrencies, and upcoming technological upgrades. Faster transaction processing and improved security could further enhance Dogecoin’s utility and appeal to a broader investor base. Dogecoin Whale Activity and Resistance Levels Alongside the rising number of active addresses, whale activity on the Dogecoin network remains high. In the last…
Filed under: News - @ October 3, 2024 8:19 am